AT&T preferreds push higher; Ally Financial positive; Public Storage gains

By James McCandless

San Antonio, Dec. 13 – The preferred space closed out the week with positive results with newer issues leading the way.

On top of the secondary again, AT&T Inc.’s recent 5% series A perpetual preferred stock pushed higher.

Elsewhere, in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were positive.

Sector peer SVB Financial Group’s 5.25% series A non-cumulative perpetual preferreds jumped upward.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock finished weaker.

Meanwhile, REIT Public Storage’s new 4.75% series K cumulative preferred shares gained by the close.

AT&T higher

On the top of activity in the secondary space again, telecom name AT&T’s recent 5% series A perpetual preferred stock pushed higher.

The preferreds, trading under the temporary symbol “ATATL,” were up 5 cents to close at $25.30 on volume of about 1.2 million shares.

On Thursday, the preferreds improved by 11 cents.

Ally Financial positive

Elsewhere, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also positive.

The preferreds (NYSE: ALLYPrA) rose 12 cents to close at $26.05 with about 969,000 shares trading.

Sector peer SVB Financial’s 5.25% series A non-cumulative perpetual preferreds jumped upward through the day.

The preferreds (Nasdaq: SIVBP) improved by 37 cents to close at $25.75 on volume of about 467,000 shares.

Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock finished weaker, going against the overarching trend.

The preferreds (NYSE: COFPrI) shaved off 2 cents to close at $24.88 with about 339,000 shares trading.

On Thursday, the preferreds dipped 2 cents.

Public Storage gains

Meanwhile, real estate investment trust Public Storage’s new 4.75% series K cumulative preferred shares also gained by the close.

The preferreds, trading under the temporary symbol “PBSGZ,” garnered 4 cents to close at $25.10 on volume of about 325,000 shares.

On Thursday, the preferreds closed above par.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the week up by 0.35%, recouping a 0.06% loss from early Friday trading.

The iShares US Preferred Stock ETF was up 14 cents to $37.24.

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