Citigroup rises; Annaly Capital preferreds decline; AT&T improves

By James McCandless

San Antonio, March 17 – At the end of Tuesday, the preferred space was lifted as the government outlined its financial plans to address the coronavirus pandemic.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities and Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock rose at the top of secondary trading.

The 7.875% preferreds were up 12 cents to close at $25.13 on volume of about 779,000 shares.

The series K preferreds rose 73 cents to close at $24.10 on volume of about 593,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained 20 cents to close at $19.90 with about 754,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds followed the market to better levels, rising 51 cents to close at $25.66 on volume of about 553,000 shares.

Asset manager Annaly Capital Management, Inc.’s 6.85% series F fixed-to-floating rate cumulative redeemable preferred stock declined 34 cents to close at $18.06 with about 778,000 shares trading.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferreds improved, adding 32 cents to close at $19.92 on volume of about 603,000 shares.

© 2015 Prospect News.
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