AT&T improves; Morgan Stanley preferreds rise; Allstate climbs

By James McCandless

San Antonio, Dec. 16 – The preferred market started a new week on a positive note as top traders trended upward.

Leading activity, telecom name AT&T Inc.’s recent 5% series A perpetual preferred stock improved by the end of the day Monday.

Meanwhile, in the finance space, Morgan Stanley’s 4.875% series A non-cumulative preferred stock also rose.

Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferreds followed the trend.

SVB Financial Group’s 5.25% series A non-cumulative perpetual preferred stock declined, moving against the market.

Elsewhere, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock climbed higher.

AT&T gains

Leading secondary activity on Monday, telecom name AT&T’s recent 5% series A perpetual preferred stock improved by the end of the day.

The preferreds, trading under the temporary symbol “ATATL,” were up 9 cents to close at $25.44 on volume of about 558,000 shares.

On Friday, the preferreds added 5 cents.

Morgan Stanley rises

Meanwhile, in the finance space, Morgan Stanley’s 4.875% series A non-cumulative preferred stock was also seen rising throughout the session.

The preferreds (NYSE: MSPrL) rose 3 cents to close at $25.08 with about 489,000 shares trading.

Sector peer AXA’s 5.25% series A non-cumulative preferreds followed the day’s trend.

The preferreds (NYSE: EQHPrA) improved by 3 cents to close at $25.28 on volume of about 399,000 shares.

SVB Financial’s 5.25% series A non-cumulative perpetual preferred stock declined, moving against the prevailing winds of the market.

The preferreds (Nasdaq: SIVBP) shaved off 8 cents to close at $25.74 with about 374,000 shares trading.

On Friday, the preferreds jumped up 37 cents.

Allstate higher

Elsewhere, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock spent the day climbing higher.

The preferreds (NYSE: ALLPrH) added 7 cents to close at $25.84 on volume of about 214,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended up by 0.19%, rising past the 0.06% gain from early Monday trading.

The iShares US Preferred Stock ETF was up 13 cents to $37.37.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.