Allstate better; Brookfield Property preferreds rise; Wells Fargo negative

By James McCandless

San Antonio, Aug. 28 – At the midpoint of the week, the preferred stock market was largely positive.

Leading the day, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred shares were up 2 cents to close at $26.02 on volume of about 490,000 shares.

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative preference shares improved by 22 cents to close at $25.80 with about 273,000 shares trading.

Real estate name Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units picked up 14 cents to close at $25.43 on volume of about 282,000 shares.

Meanwhile, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds lost 3 cents to close at $26.75 with about 280,000 shares trading.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds pushed higher.

The series EE preferreds jumped up 25 cents to close at $28.03 on volume of about 252,000 shares.

The series DD preferreds tacked on 30 cents to close at $28.34 on volume of about 240,000 shares.

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