First Midwest, Farmer Mac preferreds under par; Stifel lower; AT&T slides

By James McCandless

San Antonio, May 14 – Despite a recovery in the common market, the preferred space ended Thursday’s session with losses.

Leading the day’s secondary activity, First Midwest Bancorp, Inc.’s new $100 million 7% series A fixed-rate non-cumulative perpetual preferred stock finished under par, closing at $24.50 on volume of about 983,000 shares trading.

Elsewhere in the finance space, Stifel Financial Corp.’s new 6.125% series C non-cumulative preferreds were down 18 cents to close at $24.82 with about 548,000 shares trading.

Sector peer Wintrust Financial Corp.’s recent 6.875% series E fixed-rate reset non-cumulative perpetual preferred shares chalked off 10 cents to close at $24.75 on volume of about 372,000 shares.

Also on its first trading day, Federal Agricultural Mortgage Corp.’s new $75 million series E non-cumulative perpetual preferreds closed at $24.50 with about 735,000 shares trading.

Meanwhile, telecom company AT&T Inc.’s 5% series A cumulative perpetual preferreds dropped 17 cents to close at $24.70 on volume of about 256,000 shares trading.

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