AT&T rises; Ally Financial preferreds jump; AGNC declines

By James McCandless

San Antonio, April 14 – Top traders in Tuesday’s preferred market session were mostly positive, bouncing off of Monday’s negativity.

Leading secondary activity, telecom company AT&T Inc.’s 4.75% series C perpetual preferreds were up 44 cents to close at $22.61 on volume of about 669,000 shares.

Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds gained 75 cents to close at $22.05 with about 547,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both improved.

The series J preferreds picked up 78 cents to close at $21.27 on volume of about 443,000 shares trading.

The series I preferreds improved by 36 cents to close at $22.52 on volume of about 398,000 shares.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds added 46 cents to close at $25.02 with about 367,000 shares trading.

Meanwhile, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds trailed by 11 cents to close at $20.78 on volume of about 324,000 shares.

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