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.

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