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Ally Financial negative; AT&T preferreds lose; New Residential jumps
By James McCandless
San Antonio, April 21 – As the session came to a close on Tuesday, the preferred space continued a downward trend for a second day.
On top of the secondary again, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw negativity.
Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities dived.
Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds also saw a drop.
Telecom company AT&T Inc.’s 4.75% series C perpetual preferreds lost ground at the end of the afternoon.
Meanwhile, REIT New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock jumped, bucking the trend.
Ally dips
On top of the secondary for a second straight day, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw negativity.
The preferreds (NYSE: ALLYPrA) were down 18 cents to close at $20.36 on volume of about 428,000 shares.
On Monday, the preferreds slipped 57 cents.
Elsewhere in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities dived.
The preferreds (NYSE: CPrN) trailed by 77 cents to close at $26.46 with about 348,000 shares trading.
On Monday, the preferreds rose 21 cents.
Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds also saw a drop as the session ended.
The preferreds (NYSE: WFCPrZ) declined by 41 cents to close at $22.52 on volume of about 338,000 shares.
AT&T loses
Telecom company AT&T’s 4.75% series C perpetual preferreds lost ground at the end of the afternoon.
The preferreds (NYSE: TPrC) gave back 31 cents to close at $22.70 with about 394,000 shares trading.
New Residential up
Meanwhile, real estate investment trust New Residential’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock jumped upward, bucking the prevailing trend.
The preferreds (NYSE: NRZPrC) improved by $1.68 to close at $15.25 on volume of about 249,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index wrapped up the day down by 1.47%, extending a 0.83% loss from early Tuesday trading.
The iShares US Preferred Stock ETF was down 52 cents to $33.18.
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