Ally Financial better; AT&T preferreds negative; AG Mortgage rises

By James McCandless

San Antonio, July 14 – At the end of the day’s activity, the preferred space finished with a decline, while top traders diverged.

At the top of the Tuesday secondary, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a better position.

Elsewhere in the finance space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock slipped.

Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock and its 5.5% series X non-cumulative perpetual class A preferreds were under water.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock dropped as the day came to a close.

Meanwhile, REIT AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferred shares rose.

Ally better

At the top of Tuesday secondary activity, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the session in a better position.

The preferreds (NYSE: ALLYPrA) were up 7 cents to close at $23.45 on volume of about 285,000 shares.

Elsewhere in the finance space, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock slipped.

The preferreds (NYSE: USBPrH) were pushed down 14 cents to close at $19.81 with about 271,000 shares trading.

Sector peer Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock and its 5.5% series X non-cumulative perpetual class A preferreds were both under water.

The series Q preferreds (NYSE: WFCPrQ) shaved off 17 cents to close at $24.50 on volume of about 243,000 shares.

On Monday, the preferreds trailed by 21 cents.

The series X preferreds (NYSE: WFCPrX) lost 16 cents to close at $24.94 on volume of about 221,000 shares.

AT&T drops

Telecom services provider AT&T’s 4.75% series C perpetual preferred stock dropped as the day came to a close.

The preferreds (NYSE: TPrC) shed 23 cents to close at $23.96 with about 235,000 share trading.

AG Mortgage up

Meanwhile, real estate investment trust AG Mortgage’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferred shares rose as the session ended.

The preferreds (NYSE: MITTPrC) improved by 6 cents to close at $15.01 on volume of about 127,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day down by 0.28%, narrower than the 0.40% dip in early Tuesday trading.

The iShares US Preferred Stock ETF was up 2 cents to $34.70.

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