Bank of America preferreds diverge; Allstate positive; New Residential improves

By James McCandless

San Antonio, Aug. 30 – The preferred secondary market capped off the week with mixed results.

Leading the day, Bank of America Corp.’s 6% series GG and 6.5% series Y non-cumulative preferred stock moved in different directions.

Elsewhere in finance, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferreds were seen declining.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferred stock also saw negativity.

Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock shot up late in the day.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds moved higher.

Bank of America varies

Leading the day’s activity, Bank of America’s 6% series GG and 6.5% series Y non-cumulative preferred stock moved in different directions.

The series GG preferreds (NYSE: BACPrB) were down 9 cents to close at $26.84 on volume of about 1.3 million shares.

The series Y preferreds (NYSE: BACPrY) were up 8 cents to close at $25.69 on volume of about 551,000 shares.

Elsewhere in the finance space, JPMorgan’s 6.1% series AA non-cumulative preferreds were seen declining at the close.

The preferreds (NYSE: JPMPrG) fell 5 cents to close at $25.86 with about 706,000 shares trading.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferred stock also saw negativity in Friday’s session.

The preferreds (Nasdaq: MBINO) lost 5 cents to close at $25.88 on volume of about 381,000 shares.

Allstate up

Meanwhile, insurance name Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock shot upward late in the day.

The preferreds (NYSE: ALLPrH) added 15 cents to close at $26.26 with about 1.3 million shares trading.

On Thursday, the preferreds gained 6 cents.

New Residential higher

Real estate investment trust New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds moved higher.

The preferreds (NYSE: NRZPrB) improved by 5 cents to close at $25.08 on volume of about 1.2 million shares.

On Thursday, the preferreds rose 5 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.19%, erasing the small 0.01% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 2 cents to $37.41.

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