New Residential negative; Allstate preferreds improve; Brookfield Property gains

By James McCandless

San Antonio, Aug. 21 – The preferred market ended Wednesday gaining overall, though the performance of the most actively traded issues varied.

Leading the day’s trading volume, New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds were negative.

Sector peer American Homes 4 Rent’s 6.5% series D cumulative perpetual preferred shares saw a boost.

AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds traded lower.

Meanwhile, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred shares were improving.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 class A cumulative redeemable perpetual preferred units followed the upward trend.

New Residential down

Leading Wednesday’s volume, New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds finished the day negative.

The preferreds (NYSE: NRZPrB) were down 1 cent to close at $25.04 on volume of about 588,000 shares.

On Tuesday, the preferreds rose 2 cents.

Elsewhere in the real estate investment trust space, American Homes’ 6.5% series D cumulative perpetual preferred shares received a boost.

The preferreds (NYSE: AMHPrD) picked up 14 cents to close at $27.46 with about 538,000 shares trading.

Sector peer AGNC’s 7% series C fixed-to-floating rate cumulative redeemable preferreds were trading lower.

The preferreds (Nasdaq: AGNCN) declined by 1 cent to close at $26.13 on volume of about 301,000 shares.

Allstate gains

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock spent the session improving.

The preferreds (NYSE: ALLPrH) rose 8 cents to close at $25.92 with about 307,000 shares trading.

On Tuesday, the preferreds shot up 16 cents.

Brookfield better

Real estate developer Brookfield Property’s 6.375% series 2 class A cumulative redeemable perpetual preferred units followed the market’s upward trend.

The preferreds (Nasdaq: BPYPO) were up 3 cents to close at $25.23 on volume of about 260,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index saw a 0.20% gain at the end of the session, rising from the 0.13% rise in early Wednesday trading.

The iShares US Preferred Stock ETF was up 11 cents to $37.45.

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