AT&T preferreds diverge; Argo Group slides; Citigroup declines

By James McCandless

San Antonio, July 9 – While the preferred market ended the Thursday session largely higher, top traders took different tracks.

Leading the day’s secondary activity, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock gained 22 cents to close at $24.36 on volume of about 247,000 shares while its 5% series A cumulative perpetual preferred shares shaved off 2 cents to close at $25.47 on volume of about 225,000 shares.

Elsewhere, insurance provider Argo Group International Holdings, Ltd. new 7% series A resettable fixed-rate preference shares drifted lower.

Sector peer Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were active but ultimately held level to close at $25.74 on volume of about 164,000 shares.

Meanwhile, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities fell 17 cents to close at $26.90 with about 158,000 shares trading.

KeyCorp.’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock improved 25 cents to close at $26.04 on volume of about 158,000 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.