Priority Income Fund taps market; Citigroup preferreds improve; Allstate moves lower

By James McCandless

San Antonio, Feb. 20 – The preferred space ended the Wednesday session mixed as the primary market saw a new deal.

Priority Income Fund, Inc. priced a $35 million offering of $25-par series C term preferred stock due 2024 at par with a dividend of 6.625%.

In secondary trading, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities traded up.

The preferreds (NYSE: CPrN) ended up 2 cents to close at $26.52 on volume of about 256,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was active but level.

The preferreds (NYSE: JPMPrD) were level to close at $26.00 with about 239,000 shares trading.

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

The preferreds (NYSE: WFCPrQ) dropped 2 cents to close at $25.57 on volume of about 194,000 shares.

Meanwhile, insurer Allstate Corp.’s 5.625% series G fixed-rate non-cumulative perpetual preferred stock also closed worse off.

The preferreds (NYSE: ALLPrG) were down 3 cents to close at $24.97 with about 222,000 shares trading.

Shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds continued their upward swing.

The preferreds (NYSE: TNPPrE) added 26 cents to close at $21.13.

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