RiverNorth under par; Ally Financial preferreds dip; Public Storage lower

By James McCandless

San Antonio, Oct. 19 – Opening up a new week, the preferred market saw negativity carried over from the previous week.

Volume leader RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.’s 4.375% series A cumulative preferred stock finished under par.

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

Sector peer U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds finished the session weaker.

Capital One Financial Corp.’s 4.625% series K and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks both trailed.

Elsewhere, REIT Public Storage’s 3.875% series N cumulative preferred shares followed the day’s overarching trend.

RiverNorth under par

As Monday’s volume leader, closed-end mutual fund RiverNorth’s 4.375% series A cumulative preferred stock finished its first trading day under par.

The preferreds, trading under the temporary symbol “OPPRP,” closed at $24.93 on volume of about 513,000 shares trading.

The deal priced on Friday.

Ally dips

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

The preferreds (NYSE: ALLYPrA) declined by 15 cents to close at $25.38 with about 302,000 shares trading.

Sector peer U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds finished the session weaker.

The preferreds (NYSE: USBPrM) shed 8 cents to close at $26.95 on volume of about 258,000 shares.

Capital One’s 4.625% series K and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks both trailed.

The series K preferreds (NYSE: COFPrK) dived 20 cents to close at $24.88 with about 223,000 shares trading.

The series J preferreds (NYSE: COFPrJ) were docked 3 cents to close at $24.81 with about 190,000 shares trading.

On Friday, the preferreds shaved off 12 cents.

Public Storage lower

Elsewhere, real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares followed the day’s overarching trend.

The preferreds (NYSE: PSAPrN) slipped 1 cent to close at $25.18 on volume of about 165,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day down by 0.18%, reversing a 0.14% rise in early Monday trading.

The iShares US Preferred Stock ETF was down 17 cents to $36.61.

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