Landmark to sell more preferreds; Regions Financial better; Duke Energy improves

By James McCandless

San Antonio, May 3 – The preferred space closed the week mixed overall as top-volume traders trended higher.

Landmark Infrastructure Partners LP plans to sell up to $50 million more of its 8% $25-par series A cumulative redeemable perpetual preferred units.

The existing preferreds (Nasdaq: LMRKP) were down 41 cents at the Friday close to $25.51 on volume of about 5,000 shares.

In secondary activity, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock ended better.

The preferreds (NYSE: RFPrC) were up 2 cents to close at $25.52 on volume of about 1 million shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed suit.

The preferreds (NYSE: ALLYPrA) gained 2 cents to close at $26.39 with about 590,000 shares trading.

KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds (NYSE: KEYPrK) rose 9 cents to close at $25.13 on volume of about 288,000 shares.

Meanwhile, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds improved.

The preferreds (NYSE: DUKPrA) added 10 cents to close at $26.14 with about 197,000 shares trading.

In the energy space, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) finished the session level at $24.85.

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