Synovus preferreds trade down; Allstate preferreds rise; Brookfield Property lower

By James McCandless

San Antonio, Aug. 16 – Preferreds skewed in a negative direction to end trading for the week.

Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended the week lower.

Elsewhere in finance, Bank of America Corp.’s 6% series GG and 6.2% series CC non-cumulative preferreds headed downward.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were also trailing throughout Friday.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was on the rise.

Elsewhere, Brookfield Property Partners LP’s recent 6.375% series 2 class A cumulative redeemable perpetual preferred units were under water.

Synovus negative

Leading the preferred secondary, Synovus’ 5.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended the week negative.

The preferreds (NYSE: SNVPrE) were down 1 cent to close at $25.88 on volume of about 656,000 shares.

Elsewhere in the finance space, Bank of America’s 6% series GG and 6.2% series CC non-cumulative preferreds were seen declining.

The series GG preferreds (NYSE: BACPrB) dropped 20 cents to close at $26.85 with about 421,000 shares trading.

The series CC preferreds (NYSE: BACPrC) fell 38 cents to close at $26.37 with about 251,000 shares trading.

Sector peer JPMorgan’s 6% series EE non-cumulative preferreds were also trailing by the Friday close.

The preferreds (NYSE: JPMPrC) lost 12 cents to close at $27.86 on volume of about 334,000 shares.

On Thursday, the preferreds rose 13 cents.

Allstate up

In the insurance space, Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was on the rise, going against the grain.

The preferreds (NYSE: ALLPrH) gained 14 cents to close at $25.62 on volume of about 562,000 shares trading.

On Thursday, the preferreds picked up 9 cents.

Brookfield lower

Elsewhere, real estate name Brookfield Property’s recent 6.375% series 2 class A cumulative redeemable perpetual preferred units were under water.

The preferreds, trading under the temporary symbol “BKOYF,” were down 7 cents to close at $24.90 on volume of about 271,000 shares.

On Thursday, the preferreds slipped 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week down by 0.41%, extending a 0.02% decline from early Friday trading.

The iShares US Preferred Stock ETF was off 6 cents to $37.25.

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