Preferred stock indexes mixed; U.S. Bancorp gains; Farmer Mac, AT&T steady; UMH softens

By Cristal Cody

Tupelo, Miss., May 9 – Preferred stocks closed mixed on Thursday after opening the session mostly softer.

The Wells Fargo Hybrid and Preferred Securities index improved 0.01%. The U.S. iShares Preferred Stock ETF closed down 1 cent, or 0.03%, at $36.36.

Federal Agricultural Mortgage Corp.’s $100 million of $25-par series D 5.7% non-cumulative perpetual preferred stock that priced on Wednesday was admitted for over-the-counter trading under the symbol “FMTPP.”

The preferreds closed the day unchanged at $24.90.

Farmer Mac, a Washington, D.C.-based lender for agricultural and rural communities, plans to use the proceeds to redeem the $75 million liquidation preference of its outstanding series B 6.875% non-cumulative preferred stock and for general corporate purposes.

In other secondary trading, U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock (NYSE: USBPrM) closed up 4 cents, or 0.15%, to $26.84 on Thursday on an average trading volume of 189,000 shares. The preferreds closed Wednesday flat at $26.80.

Meanwhile, UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock (NYSE: UMHPrC) lost 1 cent, or 0.04%, to end the session at $25.00 with about 44,000 shares traded.

In the telecom space, AT&T, Inc.’s 5.35% global notes due 2066 (NYSE: TBB) headed out unchanged at $25.43. The issue saw about 150,000 notes traded over the day.

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