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Ally Financial spikes; AT&T better; National Retail preferreds lower
By James McCandless
San Antonio, April 22 – The preferred market ended the Wednesday session on a positive note after two days of negativity.
Leading the secondary for a third day, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were up 64 cents to close at $21.00 on volume of about 889,000 shares.
Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 4.75% series GG non-cumulative preferred stocks both improved.
The series DD preferreds added 36 cents to close at $26.14 with about 375,000 shares trading.
The series GG preferreds tacked on 11 cents to close at $24.33 with about 240,000 shares trading.
Sector peer Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferred stocks gained 15 cents to close at $22.67 on volume of about 322,000 shares.
Telecom giant AT&T Inc.’s 4.75% series C perpetual preferreds improved by 5 cents to close at $22.75 with about 269,000 shares trading.
Meanwhile, REIT National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferreds shaved off 10 cents to close at $23.35 on volume of about 227,000 shares.
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