Farmer Mac preferreds above par; Athene Holding improves; Alabama Power trades higher

By James McCandless

San Antonio, Aug. 14 – Preferreds ended Friday continuing positive momentum seen earlier in the week.

Leading the secondary market, Federal Agricultural Mortgage Corp.’s new $120 million 5.25% series F non-cumulative perpetual preferred stock closed above par.

The preferreds, trading under the temporary symbol “AGMFP,” closed at $25.02 on volume of about 3.3 million shares.

Retirement services provider Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares and its 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were both trading higher.

The series A preferreds (NYSE: ATHPrA) rose 16 cents to close at $26.08 with about 926,000 shares trading.

The series C preferreds (NYSE: ATHPrC) improved by 18 cents to close at $26.46 on volume of about 480,000 shares.

Meanwhile, utilities name Alabama Power Co.’s 5% class A cumulative preferred stock ended in a better position.

The preferreds (NYSE: ALPPrQ) garnered 14 cents to close at $27.00 on volume of about 428,000 shares.

REIT Armada Hoffler Properties, Inc.’s 6.75% series A cumulative redeemable perpetual preferreds declined.

The preferreds (NYSE: AHHPrA) shaved off 7 cents to close at $24.65 with about 398,000 shares trading.

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