Ellington preferreds close above par; Ally Financial gains; New York Mortgage improves

By James McCandless

San Antonio, Oct. 17 – The preferred space ended Thursday on a positive note, with top traders ending in better positions.

Leading trading, Ellington Financial Inc.’s new $100 million 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock closed above par.

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

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds inched up.

Bank of America Corp.’s 5% series LL non-cumulative preferred stock was also lifted by the end of the session.

Elsewhere, REIT New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds followed the day’s trend.

Ellington over par

Leading trading on its first day, mortgage name Ellington’s new $100 million 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock closed above par.

The preferreds, trading under the temporary symbol “EGLLP,” closed at $25.16 on volume of about 1.1 million shares.

The deal priced on Wednesday.

Ally gains

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

The preferreds (NYSE: ALLYPrA) picked up 7 cents to close at $26.39 with about 784,000 shares trading.

On Wednesday, the preferreds gained 11 cents.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds inched higher by the time trading ended.

The preferreds (NYSE: COFPrI) improved by 2 cents to close at $25.09 on volume of about 588,000 shares.

On Wednesday, the preferreds finished level.

Bank of America’s 5% series LL non-cumulative preferred stock also received a boost by the end of the session.

The preferreds (NYSE: BACPrN) rose 5 cents to close at $25.80 with about 313,000 shares trading.

On Wednesday, the preferreds tacked on 7 cents.

NY Mortgage up

Elsewhere, real estate investment trust New York Mortgage’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds followed the day’s trend.

The preferreds, trading under the temporary symbol “NYMGP,” were up 3 cents to $24.92 on volume of about 378,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished lower by 0.14%, adding on to the 0.06% drop in early Thursday trading.

The iShares US Preferred Stock ETF was up 3 cents to $37.59.

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