Wintrust gains; Northern Trust preferreds negative; AG Mortgage lower

By James McCandless

San Antonio, May 8 – Despite fresh negative economic data on the impact of the coronavirus, the preferred market ended the week on an upward trend.

Leading the day’s preferred trading, Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock gained.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock ended on the positive side.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the upward trend.

Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferred stock was negative, going against the trend.

REIT AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferreds moved lower.

Wintrust gains

Leading the day’s preferred secondary trading, Wintrust’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock gained ground.

The preferreds trading under the temporary symbol “WTFNL,” were up 4 cents to close at $25.08 on volume of about 527,000 shares.

Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock ended the session on the positive side.

The preferreds (NYSE: BACPrN) rose 1 cent to close at $24.98 on volume of about 387,000 shares trading.

On Thursday, the preferreds tacked on 1 cent.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the upward trend.

The preferreds (NYSE: ALLYPrA) improved by 6 cents to close at $22.08 on volume of about 307,000 shares.

Northern Trust down

Asset manager Northern Trust’s 4.7% series E non-cumulative perpetual preferred stock was negative for most of the day, going against the trend.

The preferreds (Nasdaq: NTRSO) shaved off 2 cents to close at $24.70 with about 192,000 shares trading.

On Thursday, the preferreds moved up 1 cent.

AG Mortgage off

Real estate investment trust AG Mortgage’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferreds moved to lower levels.

The preferreds (NYSE: MITTPrC) declined by 9 cents to close at $9.22 on volume of about 176,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week up by 0.41%, better than the 0.17% rise from early Friday trading.

The iShares US Preferred Stock ETF was up 21 cents to $34.26.

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