AT&T leads downward push; Ally Financial preferreds drop; Public Storage gains

By James McCandless

San Antonio, June 26 – At the end of the week in the preferred space, negativity took hold as worries about a coronavirus resurgence preoccupied the market.

Leading Friday’s secondary market volume, AT&T Inc.’s 4.75% series C perpetual preferred stock saw a downward push.

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

Sector peer JPMorgan Chase & Co.’s 5.75% series DD and 4.75% series GG non-cumulative preferred stocks were both under pressure.

Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock followed the rest of the market to lower levels.

Elsewhere, REIT Public Storage’s 4.625% series L cumulative preferred shares gained, going against the trend.

AT&T off

Leading volume in Friday’s secondary market trading, telecom giant AT&T’s 4.75% series C perpetual preferred stock saw a downward push.

The preferreds (NYSE: TPrC) were down 6 cents to close at $23.81 on volume of about 500,000 shares.

Ally drops

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

The preferreds (NYSE: ALLYPrA) trailed by 38 cents to close at $22.57 with about 469,000 shares trading.

On Thursday, the preferreds shot up 56 cents.

Sector peer JPMorgan’s 5.75% series DD and 4.75% series GG non-cumulative preferred stocks were both under pressure as the afternoon ended.

The series DD preferreds (NYSE: JPMPrD) chalked off 5 cents to close at $26.66 on volume of about 304,000 shares.

The series GG preferreds (NYSE: JPMPrJ) declined by 10 cents to close at $25.04 on volume of about 299,000 shares.

Truist’s 5.25% series O non-cumulative perpetual preferred stock followed the rest of the market to lower levels.

The preferreds (NYSE: TFCPrO) shaved off 6 cents to close at $25.86 with about 287,000 shares trading.

On Thursday, the preferreds garnered 12 cents.

Public Storage gains

Elsewhere, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares gained, going against the prevailing trend.

The preferreds (NYSE: PSAPrL) added 2 cents to close at $25.12 on volume of about 367,000 shares.

On Thursday, the preferreds picked up 10 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.47%, extending a 0.17% dip in early Friday trading.

The iShares US Preferred Stock ETF was down 18 cents to $34.47.

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