Truist preferreds negative; Legg Mason $25-par notes gain; Pennsylvania REIT slides

By James McCandless

San Antonio, Aug. 7 – The preferred market finished the week on a high note, though top traders varied.

Leading the secondary market, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock ended negative.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dipped.

Sector peer WesBanco, Inc.’s 6.75% series A fixed-rate reset non-cumulative perpetual preferred stock pushed upward.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 gained by the end of the afternoon.

Meanwhile, property name Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds slid lower.

Truist down

Leading the Friday secondary market, Truist’s 4.75% series R non-cumulative perpetual preferred stock ended in a negative position.

The preferreds (NYSE: TFCPrR) were down 4 cents to close at $25.29 on volume of about 863,000 shares.

On Thursday, the preferreds rose 2 cents.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities dipped.

The preferreds (NYSE: ALLYPrA) shaved off 19 cents to close at $24.02 with about 409,000 shares trading.

Sector peer WesBanco’s 6.75% series A fixed-rate reset non-cumulative perpetual preferred stock pushed upward through the session.

The preferreds, trading under the temporary symbol “WSBCP,” shot up 27 cents to close at $25.97 on volume of about 244,000 shares.

Legg Mason gains

Asset manager Legg Mason’s 5.45% junior subordinated notes due 2056 gained by the end of the afternoon.

The notes (NYSE: LMHB) improved by 5 cents to close at $25.12 with about 201,000 shares trading.

On Thursday, the preferreds shaved off 2 cents.

Penn REIT lower

Meanwhile, real estate investment trust Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds slid lower.

The preferreds (NYSE: PEIPrC) declined by 25 cents to close at $4.57 on volume of about 179,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.06%, rising from a 0.19% dip in early Friday trading.

The iShares US Preferred Stock ETF was up 7 cents to $36.04.

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