WesBanco prices preferreds; Truist heads higher; Legg Mason $25-par notes vary

By James McCandless

San Antonio, Aug. 4 – The preferred space saw mixed activity during the Tuesday session with a focus on finance names.

In primary movement, WesBanco, Inc. priced a $150 million offering of $25-par series A fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 6.75%.

As the volume leader of the secondary market, Truist Financial Corp.’s new 4.75% series R non-cumulative perpetual preferred stock headed higher.

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

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

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 dipped while its 6.375% junior subordinated notes due 2056 was active but flat.

Meanwhile, REIT Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares ended in a better position.

WesBanco prices

In primary movement, WesBanco priced a $150 million offering of $25-par series A fixed-rate reset non-cumulative perpetual preferred stock (Kroll: BBB-) with a divided of 6.75%.

Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.

On Nov. 15, 2025 and every five years thereafter, the dividend resets to the Treasury rate plus 655.7 basis points.

The preferreds are redeemable on or after Nov. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.

Truist higher

As the volume leader of the Tuesday secondary market, Truist’s new 4.75% series R non-cumulative perpetual preferred stock headed to higher levels.

The preferreds, trading under the temporary symbol “TSTFL,” were up 8 cents to close at $25.35 on volume of about 901,000 shares.

On Monday, the preferreds tacked on 7 cents.

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

The preferreds (NYSE: ALLYPrA) declined by 41 cents to close at $24.23 with about 240,000 shares trading.

On Monday, the preferreds jumped up 57 cents.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock rose by the end of the afternoon.

The preferreds (NYSE: WFCPrZ) garnered 6 cents to close at $24.71 on volume of about 193,000 shares.

On Monday, the preferreds picked up 25 cents.

Legg Mason varies

Asset manager Legg Mason’s 5.45% junior subordinated notes due 2056 dipped while its 6.375% junior subordinated notes due 2056 was active but flat.

The 5.45% notes (NYSE: LMHB) shaved off 4 cents to close at $25.13 with about 826,000 shares trading.

The 6.375% notes (NYSE: LMHA) went unchanged to close at $25.50 with about 238,000 shares trading.

Penn REIT better

Meanwhile, real estate investment trust Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares ended in a better position.

The preferreds (NYSE: PEIPrC) grabbed 5 cents to close at $4.75 on volume of about 262,000 shares.

On Monday, the preferreds dropped $1.70.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index tacked on 0.02% at the day’s conclusion, dropping from a 0.09% rise in early Tuesday trading.

The iShares US Preferred Stock ETF was down 6 cents to $35.94.

© 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.