Energy Transfer boosted; Ally Financial rises; MFA preferreds gain

By James McCandless

San Antonio, April 29 – In the middle of the week, the preferred market extended a positive run into a third day.

On top of secondary activity, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were boosted.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were on the rise.

Sector peer Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock followed the trend.

REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds were also spotted gaining.

Elsewhere, telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock shifted upward.

Energy Transfer jumps

On top of Wednesday secondary activity, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were boosted.

The preferreds (NYSE: ETPrE) were up $1.32 to close at $20.28 on volume of about 874,000 shares.

Ally Financial rises

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

The preferreds (NYSE: ALLYPrA) jumped up $1.07 to close at $23.00 with about 358,000 shares trading.

On Tuesday, the preferreds improved by 47 cents.

Sector peer Goldman Sachs’ series D floating rate non-cumulative preferred stock followed the positive trend.

The preferreds (NYSE: GSPrD) gained 15 cents to close at $20.36 on volume of about 341,000 shares.

MFA gains

Real estate investment trust MFA Financial’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds were also spotted gaining at the end of the session.

The preferreds (NYSE: MFAPrC) tacked on 48 cents to close at $14.21 with about 356,000 shares trading.

AT&T adds

Elsewhere, telecom services provider AT&T’s 4.75% series C perpetual preferred stock shifted upward.

The preferreds (NYSE: TPrC) moved up 14 cents to close at $22.83 on volume of about 324,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the afternoon up by 0.80%, almost doubling a 0.41% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up 54 cents to $34.65.

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