American Finance closes under par; Brighthouse preferreds lower; Ally Financial down

By James McCandless

San Antonio, March 22 – The preferred space closed the last day of the week on a negative note.

American Finance Trust, Inc.’s new $30 million 7.5% series A cumulative redeemable perpetual preferred stock closed the day under par.

The preferreds, trading under the temporary symbol “AFINP,” were seen closing at $24.46 on volume of about 616,000 shares.

Insurance name Brighthouse Financial, Inc.’s 6.6% series A non-cumulative preferred stock led the market lower.

The preferreds, trading under the temporary symbol “BHFLL,” dropped 5 cents to close at $25.25 with about 609,000 shares trading.

In finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined.

The preferreds (NYSE: ALLYPrA) were down 13 cents to close at $26.06 on volume of about 270,000 shares.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities also slipped.

The preferreds (NYSE: CPrN) lost 3 cents to close at $26.87 with about 244,000 shares trading.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds rose.

The preferreds (NYSE: MSPrK) gained 12 cents to close at $26.05 on volume of about 222,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.