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AT&T preferreds improve as week ends; Allstate preferreds mixed; PNC better on earnings
By James McCandless
San Antonio, April 13 – The preferred market closed the week mixed after a largely positive week in trading.
AT&T Inc.’s preferreds closed the day up amid its legal battle against the Department of Justice.
Allstate Corp.’s preferreds, including its recent $500 million issue of $25-par 5.625% series G perpetual preferred shares, ended mixed as they saw much of Friday’s volume.
PNC Financial Services Group, Inc. doubled its average trading volume in the latest example of financial firms climbing in the preferred market.
AT&T up
AT&T’s preferred shares ended Friday trading with more than 140,000 shares changing hands as the company defends itself against monopolization accusations from the Department of Justice in an antitrust suit. This week, both sides called economists as witnesses to testify over whether its potential merger with Time Warner would benefit consumers.
The preferreds gained 11 cents to close at $25.07.
Allstate mixed
Allstate’s $500 million $25-par series G perpetual preferreds traded up with over 78,000 shares in volume at the close on Friday while its series B preferreds saw more than 168,000 shares trade.
The series G preferreds gained 3 cents to close at $25.35. The series B preferreds dropped 47 cents to close at $25.53.
PNC rises
PNC Financial Services Group spent the Friday trading session being the latest example of positive trading in financial firms of late. The company announced a 20% increase in profits in Q1, spurring more than double the normal trading in the preferreds with about 164,000 shares trading.
The preferreds ended up 11 cents to close at $27.65.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index closed the week up 0.01%, ending the day where it started.
The iShares US Preferred Stock ETF lost 8 cents to close at $37.17.
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