Ally Financial better; AT&T negative; AGNC preferreds decline

By James McCandless

San Antonio, March 20 – Top traders in the preferred market varied in direction as the space saw a net gain overall to close out the week.

Leading Friday trading, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were up 58 cents to close at $17.08 on volume of about 1.9 million shares.

Elsewhere in the finance space, Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred shares added 19 cents to close at $21.77 with about 701,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series EE non-cumulative preferreds dropped 45 cents to close at $24.10 on volume of about 634,000 shares.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferreds shaved off 3 cents to close at $17.86 with about 777,000 shares trading.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock both declined.

The series F preferreds lost 89 cents to close at $14.12 on volume of about 596,000 shares trading.

The series E preferreds shed 73 cents to close at $15.35 on volume of about 574,000 shares trading.

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