Capital One preferreds active, edge upward; Athene improves; Allstate finishes lower

By James McCandless

San Antonio, Sept. 16 – The preferred market saw a positive push at the beginning of the week, though trading direction varied for the most-active names.

In the secondary market, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock ended the day positive.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds declined.

Retirement services provider Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were lifted.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds sunk.

REIT Public Storage’s 4.875% series I cumulative preferred shares moved higher.

Capital One edges up

At the top of secondary trading volume for the day, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock ended the first day of the week on the positive side, albeit slightly.

The preferreds (NYSE: COFPrI) were up 1 cent to close at $24.36 on volume of about 1.8 million shares.

On Friday, the preferreds lost 32 cents.

Elsewhere in the finance space, JPMorgan’s 6% series EE non-cumulative preferreds declined throughout the session.

The preferreds (NYSE: JPMPrC) dropped 16 cents to close at $27.80 with about 375,000 shares trading.

On Friday, the preferreds shed 39 cents.

Athene lifted

Retirement name Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were lifted on Monday.

The preferreds (NYSE: ATHPrA) shot up 27 cents to close at $26.92 on volume of about 1.3 million shares.

On Monday morning, the company announced plans to price an offering of $25-par series B fixed-rate perpetual non-cumulative preference shares.

Allstate sinks

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were lower.

The preferreds (NYSE: ALLPrH) fell 30 cents to close at $25.37 with about 387,000 shares trading.

Public Storage higher

Real estate investment trust Public Storage’s 4.875% series I cumulative preferred shares was seen moving higher at the close.

The preferreds (NYSE: PSAPrI) gained 10 cents to close at $25.04 on volume of about 370,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session up by 0.15%, improving on the 0.03% rise from early Monday trading.

The iShares US Preferred Stock ETF was up 14 cents to $37.05.

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