Allstate preferreds gain; New Residential better; Morgan Stanley negative

By James McCandless

San Antonio, Aug. 20 – At the Tuesday close, the preferred space finished on a positive trend though top traders were not as cohesive as the rest of the market.

Leading secondary trading activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock saw gains. The preferreds were up 16 cents to close at $25.89 on volume of about 1 million shares.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds also closed better.

In finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds declined by 5 cents to close at $27.33 on volume of about 272,000 shares.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferreds ended slightly better, up 2 cents to close at $25.75 with about 266,000 shares trading.

Communications name Qwest Corp.’s 6.875% notes due 2054 dipped 13 cents to close at $25.16 on volume of about 196,000 notes.

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