Citigroup shoots higher; AT&T preferreds lifted; Allstate also rises

By James McCandless

San Antonio, March 13 – After a week of large declines, the preferred space saw a recovery late in the day on Friday.

Remaining on top of secondary activity, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities shot higher.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained ground.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock also saw positivity.

Telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock was lifted by the end of the afternoon.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock jumped upward.

Citigroup higher

Remaining on top of secondary activity for a second day, Citigroup’s fixed-to-floating rate trust preferred securities shot higher.

The preferreds (NYSE: CPrN) were up 76 cents to close at $26.30 on volume of about 1.4 million shares.

On Thursday, the preferreds lost $1.04.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained some of the week’s lost ground.

The preferreds (NYSE: ALLYPrA) picked up 61 cents to close at $23.13 with about 889,000 shares trading.

On Thursday, the preferreds dropped $2.48.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock also saw positivity.

The preferreds (NYSE: WFCPrZ) gained 72 cents to close at $22.40 on volume of about 610,000 shares.

On Thursday, the preferreds fell $2.29.

AT&T lifted

Telecom name AT&T’s 4.75% series C perpetual preferred stock was lifted to a better position by the end of the afternoon.

The preferreds (NYSE: TPrC) improved by 53 cents to close at $22.00 with about 632,000 shares trading.

On Thursday, the preferreds shifted down by $2.38.

Allstate jumps

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock jumped upward.

The preferreds (NYSE: ALLPrH) tacked on 89 cents to close at $23.66 on volume of about 447,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week up by 3%, more than doubling the 1.31% rise from early Friday trading.

The iShares US Preferred Stock ETF was up $2.14 to $33.48.

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