AT&T rises; Ally Financial preferreds jump; AGNC declines

By James McCandless

San Antonio, April 14 – Top traders in Tuesday’s preferred market session were mostly positive, bouncing off of Monday’s negativity.

Leading secondary activity, telecom company AT&T Inc.’s 4.75% series C perpetual preferred stock ended with a rise.

Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferred securities jumped.

Sector peer Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both improved.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the trend.

Meanwhile, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock declined.

AT&T rises

Leading the day’s secondary activity, telecom company AT&T’s 4.75% series C perpetual preferred stock ended the afternoon with a rise.

The preferreds (NYSE: TPrC) were up 44 cents to close at $22.61 on volume of about 669,000 shares.

Ally jumps

Elsewhere, in the finance space, Ally Financial’s 8.125% series A fixed-to-floating rate trust preferreds securities jumped.

The preferreds (NYSE: ALLYPrA) gained 75 cents to close at $22.05 with about 547,000 shares trading.

On Monday, the preferreds were pushed down 79 cents.

Sector peer Capital One’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both improved.

The series J preferreds (NYSE: COFPrJ) picked up 78 cents to close at $21.27 on volume of about 443,000 shares trading.

On Monday, the preferreds dropped $1.29.

The series I preferreds (NYSE: COFPrI) improved by 36 cents to close at $22.52 on volume of about 398,000 shares.

On Monday, the preferreds trailed by $1.15.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the overarching trend.

The preferreds (NYSE: WFCPrQ) added 46 cents to close at $25.02 with about 367,000 shares trading.

AGNC down

Meanwhile, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock declined by the end of the session.

The preferreds (Nasdaq: AGNCO) trailed by 11 cents to close at $20.78 on volume of about 324,000 shares.

On Monday, the preferreds shaved off $1.00.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.64%, leveling off from a 1.11% rise from early Tuesday trading.

The iShares US Preferred Stock ETF was up 22 cents to $33.83.

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