Ally Financial falls; AT&T preferreds slide; Public Storage under water

By James McCandless

San Antonio, Sept. 17 – As the Thursday preferred market session concluded, top traders experienced a negative trend.

At the top of secondary trading, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities fell.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds ended on the positive side.

Sector peer First Citizens BancShares, Inc.’s 5.375% series A non-cumulative perpetual preferred stock was lifted.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock joined the negative trend.

Meanwhile, REIT Public Storage’s 5.2% series W cumulative preferred shares finished the afternoon under water.

Ally Financial falls

At the top of the day’s secondary trading, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities fell.

The preferreds (NYSE: ALLYPrA) were down 17 cents to close at $24.98 on volume of about 277,000 shares.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds ended activity on the positive side, bucking the trend.

The preferreds (NYSE: WFCPrZ) rose 1 cent to close at $24.94 with about 225,000 shares trading.

On Wednesday, the preferreds shed 4 cents.

Sector peer First Citizens’ 5.375% series A non-cumulative perpetual preferred stock was lifted throughout the day.

The preferreds (Nasdaq: FCNCP) picked up 12 cents to close at $26.37 on volume of about 197,000 shares.

AT&T drifts

Telecom services provider AT&T’s 4.75% series C perpetual preferred stock joined the negative trend.

The preferreds (NYSE: TPrC) gave up 12 cents to close at $25.53 with about 250,000 shares trading.

Public Storage under

Meanwhile, real estate investment trust Public Storage’s 5.2% series W cumulative preferred shares finished the afternoon under water.

The preferreds (NYSE: PSAPrW) declined by 2 cents to close at $24.98 on volume of about 202,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session lower by 0.25%, weaker than the 0.03% dip in early Thursday trading.

The iShares US Preferred Stock ETF was down 21 cents to $36.47.

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