Athene moves up; Signature Bank preferreds better; AT&T declines

By James McCandless

San Antonio, Dec. 24 – On the last day of the holiday-shortened week, the preferred space closed on a net positive.

Leading the session’s secondary activity, retirement name Athene Holding Ltd.’s 4.875% series D fixed-rate perpetual non-cumulative preference shares moved up.

Meanwhile, in the finance space, Signature Bank’s 5% series A non-cumulative perpetual preferred stock finished in a better position.

Sector peer Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock was under pressure for most of the day.

Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also on a downward trend.

Elsewhere, telecom company AT&T, Inc.’s 5% series A cumulative perpetual preferreds were in decline.

Athene gains

Leading the session’s secondary activity, retirement services name Athene’s 4.875% series D fixed-rate perpetual non-cumulative preference shares moved up.

The preferreds (NYSE: ATHPrD) were up 6 cents to close at $25.06 on volume of about 288,000 shares.

On Wednesday, the preferreds tacked on 4 cents.

Signature better

Meanwhile, in the finance space, Signature Bank’s 5% series A non-cumulative perpetual preferred stock finished in a better position.

The preferreds (Nasdaq: SBNYP) pushed up 10 cents to close at $25.25 with about 237,000 shares trading.

On Wednesday, the preferreds slipped 2 cents.

Sector peer Bank of America’s 6.2% series CC non-cumulative preferred stock was under pressure for most of the day.

The preferreds (NYSE: BACPrC) were docked 1 cent to close at $25.36 on volume of about 133,000 shares.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also on a downward trend on Thursday.

The preferreds (NYSE: ALLYPrA) moved down 6 cents to close at $26.41 with about 106,000 shares trading.

On Wednesday, the preferreds reached up 21 cents.

AT&T down

Elsewhere, telecom giant AT&T’s 5% series A cumulative perpetual preferreds were in decline to cap the week.

The preferreds (NYSE: TPrA) shaved off 3 cents to close at $27.17 on volume of about 65,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended Thursday up by 0.25%.

The index was lower by 0.11% on Wednesday, weakened by 0.42% on Tuesday, was down 0.01% by Monday’s close.

The index lost 0.29% this week.

The iShares US Preferred Stock ETF was up 13 cents to $38.21.

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