Bank of America preferreds better; Allstate unchanged; New Residential improves

By James McCandless

San Antonio, Sept. 25 – The preferred space ended the Wednesday session on a positive note.

Leading the secondary, Bank of America Corp.’s 5% series LL and 5.875% series HH non-cumulative preferred stock both ended better.

Elsewhere in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock gained.

Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were relatively active but rigid.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds improved.

Sector peer Public Storage’s 4.875% series I cumulative preferred shares received a boost by the end of the session.

Bank of America better

Leading trading in the secondary, Bank of America’s 5% series LL and 5.875% series HH non-cumulative preferred stock both ended the day better.

The series LL preferreds (NYSE: BACPrN) were up 11 cents to close at $25.30 on volume of about 858,000 shares.

On Tuesday, the preferreds were level.

The series HH preferreds (NYSE: BACPrK) were up 2 cents to close at $27.69 on volume of about 639,000 shares.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: COFPrI) rose 3 cents to close at $24.93 with about 747,000 shares trading.

On Tuesday, the preferreds lost 5 cents.

Allstate level

Insurance name Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were relatively active but unmoved by day’s end.

The preferreds (NYSE: ALLPrH) closed level at $26.47 on volume of about 304,000 shares.

On Tuesday, the preferreds moved up 21 cents.

New Residential up

Meanwhile, real estate investment trust New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds improved by the close.

The preferreds (NYSE: NRZPrB) gained 4 cents to close at $25.25 with about 280,000 shares trading.

Sector peer Public Storage’s 4.875% series I cumulative preferred shares received a positive boost by the end of the session.

The preferreds (NYSE: PSAPrI) jumped up 18 cents to close at $25.65 on volume of about 236,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index moved up by 0.06% by the end of the day after opening unchanged early Wednesday.

The iShares US Preferred Stock ETF was down 2 cents to $37.42.

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