AT&T preferreds improve; Ally Financial lifted; AGNC shoots higher

By James McCandless

San Antonio, March 19 – In the back half of the week, the preferred space saw gains across the spectrum on Thursday.

On top of secondary trading, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock improved by the close.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were lifted.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock gained ground.

REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds shot to higher levels.

Elsewhere, retirement services provider Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares declined.

AT&T rises

On top of Thursday’s secondary trading, telecom services name AT&T’s 4.75% series C perpetual preferred stock improved by the close.

The preferreds (NYSE: TPrC) were up $1.89 to close at $17.89 on volume of about 2.2 million shares.

Ally lifted

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were lifted.

The preferreds (NYSE: ALLYPrA) gained 83 cents to close at $16.50 with about 1.2 million shares trading.

On Wednesday, the preferreds dived $4.23.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock gained ground as the afternoon ended.

The preferreds (NYSE: WFCPrZ) picked up $2.27 to close at $18.60 on volume of about 1 million shares.

AGNC better

Real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds shot to higher levels.

The preferreds (Nasdaq: AGNCP) jumped up $5.11 to close at $15.01 with about 1.1 million shares trading.

On Wednesday, the preferreds dived $5.45.

Athene down

Elsewhere, retirement services provider Athene’s .35% series A fixed-to-floating rate perpetual non-cumulative preference shares spent the session declining.

The preferreds (NYSE: ATHPrA) fell by $1.39 to close at $13.08 on volume of about 441,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the session up by 6.94%, reversing a 6.22% dip in early Thursday trading.

The iShares US Preferred Stock ETF was up $2.09 to $27.21.

© 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.