Carlyle Group weaker; Capital One preferreds improve; Allstate rises

By James McCandless

San Antonio, Sept. 23 – The preferred space sustained a positive push from early trading, starting a new week on higher ground.

Leading the day, asset manager Carlyle Group LP’s 5.875% series A non-cumulative preferred units ended weaker.

Elsewhere, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock improved.

Sector peer Bank of America Corp.’s 5% series LL and 6% series GG non-cumulative preferred stock both gained with the market.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds and 5.625% series Y non-cumulative perpetual class A preferreds rose.

Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds shifted positively.

Carlyle Group weaker

Leading the day’s volume, asset manager Carlyle Group’s 5.875% series A non-cumulative preferred units ended the session weaker.

The preferreds (Nasdaq: TCGP) were down 2 cents to close at $25.31 on volume of about 1.2 million shares.

News broke on Monday that the company is considering a sale of Italian shoe brand Golden Goose for as much at $1.1 billion.

Capital One improves

Elsewhere, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock improved by the end of the day.

The preferreds (NYSE: COFPrI) added 7 cents to close at $24.95 with about 850,000 shares trading.

On Friday, the preferreds picked up 9 cents.

Sector peer Bank of America’s 5% series LL and 6% series GG non-cumulative preferred stock were both seen gaining with the rest of the market.

The series LL preferreds (NYSE: BACPrN) rose 6 cents to close at $25.19 on volume of about 680,000 shares.

On Friday, the preferreds gained 5 cents.

The series GG preferreds (NYSE: BACPrB) shot up 16 cents to close at $27.11 on volume of about 315,000 shares.

Meanwhile, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds and 5.625% series Y non-cumulative perpetual class A preferreds rose.

The series Q preferreds (NYSE: WFCPrQ) jumped up 19 cents to close at $26.72 with about 252,000 shares trading.

The series Y preferreds (NYSE: WFCPrY) tacked on 16 cents to close at $26.85 with about 231,000 shares trading.

Allstate positive

Insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds shifted in a positive direction.

The preferreds (NYSE: ALLPrH) improved by 26 cents to close at $26.26 on volume of about 227,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the day up by 0.33%, shooting past the 0.18% gain from early Monday trading.

The iShares US Preferred Stock ETF was up 8 cents to $37.49.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.