AT&T preferreds diverge; Argo Group slides; Citigroup declines

By James McCandless

San Antonio, July 9 – While the preferred market ended the Thursday session largely higher, top traders took different tracks.

Leading the day’s secondary activity, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock gained while its 5% series A cumulative perpetual preferred stock dipped.

Elsewhere, insurance provider Argo Group International Holdings, Ltd. new 7% series A resettable fixed-rate preference shares drifted lower.

Sector peer Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were active but ultimately unchanged.

Meanwhile, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities declined.

KeyCorp.’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock improved.

AT&T diverges

Leading the day’s secondary activity, telecom services company AT&T’s 4.75% series C perpetual preferred stock gained ground while its 5% series A cumulative perpetual preferred stock took a dip.

The series C preferreds (NYSE: TPrC) were up 22 cents to close at $24.36 on volume of about 247,000 shares.

The series A preferreds (NYSE: TPrA) shaved off 2 cents to close at $25.47 on volume of about 225,000 shares.

Argo lower

Elsewhere, insurance provider Argo Group’s new 7% series A resettable fixed-rate preference shares drifted to lower levels.

The preferreds, trading under the temporary symbol “ARGHF,” were pushed down 17 cents to close at $24.48 with about 191,000 shares trading.

Sector peer Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were active throughout the day but ultimately unchanged.

The preferreds (NYSE: ALLPrH) held level to close at $25.74 on volume of about 164,000 shares.

Citigroup down

Meanwhile, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities declined.

The preferreds (NYSE: CPrN) fell 17 cents to close at $26.90 with about 158,000 shares trading.

KeyCorp’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock marked the end of the afternoon with an improvement.

The preferreds (NYSE: KEYPrI) garnered 25 cents to close at $26.04 on volume of about 158,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session better by 0.24%, adding onto the 0.15% gain in early Thursday trading.

The iShares US Preferred Stock ETF was down 1 cent to $34.79.

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