MFA Financial positive; Ally Financial preferreds drop; AT&T improves

By James McCandless

San Antonio, April 30 – The Thursday session in the preferred space was mostly positive as the week neared the close.

Leading the secondary, MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was positive.

Elsewhere in the REIT space, UMH Properties, Inc.’s 6.375% series D cumulative redeemable preferred stock also pushed higher.

Sector peer ARMOUR Residential REIT, Inc.’s 7% series C cumulative redeemable preferred stock jumped upward.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped.

Telecom company AT&T Inc.’s 5% series A cumulative redeemable preferred stock ended the session improving.

MFA up

Leading the Thursday secondary market, real estate investment trust MFA Financial’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was positive as the day closed.

The preferreds (NYSE: MFAPrC) were up 99 cents to close at $15.20 on volume of about 1 million shares.

On Wednesday, the preferreds tacked on 48 cents.

Elsewhere in the REIT space, UMH Properties’ 6.375% series D cumulative redeemable preferred stock also pushed higher.

The preferreds (NYSE: UMHPrD) rose 31 cents to close at $23.38 with about 453,000 shares trading.

Sector peer ARMOUR Residential’s 7% series C cumulative redeemable preferred stock jumped upward.

The preferreds (NYSE: ARRPrC) shot up $1.11 to close at $22.35 on volume of about 432,000 shares.

On Thursday morning, the company confirmed its May 2020 dividend for the series C preferreds.

Ally drops

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped by the end of the afternoon.

The preferreds (NYSE: ALLYPrA) declined by 45 cents to close at $22.55 with about 560,000 shares.

On Wednesday, the preferreds added $1.07.

AT&T better

Telecom company AT&T’s 5% series A cumulative redeemable preferred stock ended the session improving.

The preferreds (NYSE: TPrA) picked up 41 cents to close at $25.17 on volume of about 407,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.38%, reversing a 0.13% loss from early Thursday trading.

The iShares US Preferred Stock ETF was level at $34.65.

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