Ally Financial under water; Pennsylvania REIT drops; AT&T improves

By James McCandless

San Antonio, May 4 – While the preferred space ended Monday with a small gain, top traders trended negatively.

Leading the day’s secondary, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were down 28 cents to close at $21.86 on volume of about 543,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds shaved off 4 cents to close at $26.60 with about 362,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock ended the afternoon weaker while its 6% series EE non-cumulative preferred stock rose.

The series LL preferreds were docked 1 cent to close at $24.90 on volume of about 216,000 shares.

The series EE preferreds picked up 16 cents to close at $26.06 on volume of about 148,000 shares.

Real estate name Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares declined by 62 cents to close at $5.06 with about 238,000 shares trading.

Meanwhile, telecom services provider AT&T Inc.’s 4.75% series C perpetual preferreds picked up 28 cents to close at $23.14 on volume of about 133,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.