TriState preferreds free to trade; Gastar up on earnings; Regions Financial active

By Abigail W. Adams

Portland, Me., March 16 – While trading volume in the preferreds space has been light for much of the month, some names saw high-volume trading during Friday’s session.

TriState Capital Holdings Inc.’s recently priced 6.75% perpetual fixed-to-floating rate series A non-cumulative preferred stock (BB+) freed to trade for OTC market business on Friday under the temporary ticker “TSCLL.” They were active on Friday, ending the day above their issue price.

Regions Financial Corp.’s 6.375% depositary shares representing the company’s series A non-cumulative perpetual preferred stock was up in active trading that was almost 9 times the average trading volume.

Apollo Global Management LLC’s 6.375% $25-par perpetual preferred shares, which priced on Monday, dropped below par early in Friday’s session but rallied to end the day once again at par.

Gastar Exploration Inc.’s preferreds jumped early on Friday after the Houston-based oil and natural gas exploration and production company announced fourth-quarter and year-end earnings after the market close on Thursday.

In its deal, TriState’s depositary shares representing the company’s 6.75% perpetual fixed-to-floating rate series A non-cumulative preferred stock freed for OTC market business on Friday under the temporary ticker “TSCLL.”

The depositary shares were volatile during Friday’s session. They traded to a low of $24.70 but closed the day at $25.30, the highest trade of the day.

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