Ally Financial slides; AT&T preferreds negative; National General better

By James McCandless

San Antonio, July 22 – The preferred space ended Wednesday in the red, with top traders under pressure.

Leading the day’s secondary activity, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw a slide.

Elsewhere in the finance space, First Horizon National Corp.’s 6.5% series E non-cumulative perpetual preferred stock declined.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were also trailing.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock closed on the negative side.

Meanwhile, insurance carrier National General Holdings Corp.’s 7.5% series C non-cumulative preferreds finished in a better position.

Ally slides

Leading the day’s secondary market activity, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw a slide by the end of the session.

The preferreds (NYSE: ALLYPrA) were down 5 cents to close at $23.95 on volume of about 318,000 shares.

Elsewhere in the finance space, First Horizon’s 6.5% series E non-cumulative perpetual preferred stock declined.

The preferreds (NYSE: FHNPrE) shaved off 20 cents to close at $25.50 with about 306,000 shares trading.

Sector peer Citigroup’s 7.875% fixed-to-floating rate trust preferred securities were also spotted trailing as the afternoon closed.

The preferreds (NYSE: CPrN) declined by 14 cents to close at $26.93 on volume of about 272,000 shares.

AT&T off

Telecom services company AT&T’s 4.75% series C perpetual preferred stock closed on the negative side.

The preferreds (NYSE: TPrC) were docked 2 cents to close at $24.49 with about 260,000 shares trading.

On Tuesday, the preferreds rose 7 cents.

National General up

Meanwhile, insurance carrier National General’s 7.5% series C non-cumulative preferreds finished the day in a better position.

The preferreds (Nasdaq: NGHCN) tacked on 1 cent to close at $25.81 on volume of about 166,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped Wednesday’s trading down by 0.05%, hovering around the 0.04% dip from early Wednesday trading.

The iShares US Preferred Stock ETF was up 10 cents to $35.63.

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