Morning Commentary: Wintrust preferreds improve; AG Mortgage down; Brookfield jumps up

By James McCandless

San Antonio, May 8 – The preferred market opened Friday morning with gains as the Wells Fargo Hybrid & Preferred Securities Financial began up by 0.17%.

Starting a second day on top of early activity, Wintrust Financial Corp. new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock was improving.

The preferreds, trading under the temporary symbol “WTFNL,” were up 4 cents to $25.06 on volume of about 174,000 shares.

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

The preferreds (NYSE: ALLYPrA) were picking up 11 cents to $22.13 with about 64,000 shares trading.

Real estate investment trust AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative redeemable perpetual preferred stock was losing ground.

The preferreds (NYSE: MITTPrC) were trailing by 19 cents to $9.12 on volume of about 103,000 shares.

Sector peer Public Storage’s 4.875% series I cumulative preferreds were also negative at the start of the Friday session.

The preferreds (NYSE: PSAPrI) were off 7 cents to $25.23 with about 80,000 shares trading.

Meanwhile, real estate developer Brookfield Property Partners LP’s 5.75% series 3 class A cumulative redeemable perpetual preferred units were pushing upward.

The preferreds (Nasdaq: BPYPN) were shooting up 90 cents to $19.90 on volume of about 47,000 shares.

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