B. Riley taps $25-par market; Regions Financial improves; AT&T preferreds better

By James McCandless

San Antonio, Sept. 1 – The preferred market ended Tuesday’s activity with gains across multiple sectors.

In primary activity, B. Riley Financial, Inc. priced a $32.5 million offering of $25-par series B cumulative perpetual preferred stock with a dividend of 7.375%.

At the top of the secondary space, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were up 6 cents to close at $27.21 on volume of about 451,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds shot up 14 cents to close at $24.41 with about 318,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock saw pressure, declining by 4 cents to close at $24.75 on volume of about 279,000 shares.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds added 5 cents to close at $25.42 with about 263,000 shares trading.

Meanwhile, oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferreds units gained 4 cents to close at $17.10 with about 179,000 shares trading.

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