First Midwest, Farmer Mac preferreds under par; Stifel lower; AT&T slides

By James McCandless

San Antonio, May 14 – Despite a recovery in the common market, the preferred space ended Thursday’s session with losses.

Leading the day’s secondary activity, First Midwest Bancorp, Inc.’s new $100 million 7% series A fixed-rate non-cumulative perpetual preferred stock finished under par.

Elsewhere in the finance space, Stifel Financial Corp.’s new 6.125% series C non-cumulative preferred stock moved lower.

Sector peer Wintrust Financial Corp.’s recent 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock followed the negative trend.

Also on its first trading day, Federal Agricultural Mortgage Corp.’s new $75 million series E non-cumulative perpetual preferreds closed below par.

Meanwhile, telecom company AT&T Inc.’s 5% series A cumulative perpetual preferred stock saw a slide.

First Midwest under par

Leading the day’s secondary activity, First Midwest’s new $100 million 7% series A fixed-rate non-cumulative perpetual preferred stock finished its first day under par.

The preferreds, trading under the temporary symbol “FMEEL,” closed at $24.50 on volume of about 983,000 shares trading.

The deal priced on Wednesday.

Elsewhere in the finance space, Stifel’s new 6.125% series C non-cumulative preferred stock moved lower.

The preferreds, trading under the temporary symbol “STFLL,” were down 18 cents to close at $24.82 with about 548,000 shares trading.

Sector peer Wintrust’s recent 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock followed the negative trend.

The preferreds, trading under the temporary symbol “WTFNL,” chalked off 10 cents to close at $24.75 on volume of about 372,000 shares.

On Wednesday, the preferreds shaved off 20 cents.

Farmer Mac below par

Also on its first trading day, rural lender Farmer Mac’s new $75 million series E non-cumulative perpetual preferreds closed below par.

The preferreds, trading under the temporary symbol “FAMCP,” closed at $24.50 with about 735,000 shares trading.

The deal priced on Wednesday.

AT&T slides

Meanwhile, telecom company AT&T’s 5% series A cumulative perpetual preferred stock saw a slide at the end of the afternoon.

The preferreds (NYSE: TPrA) dropped 17 cents to close at $24.70 on volume of about 256,000 shares trading.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down by 0.43%, better than the 1.58% drop in early Thursday trading.

The iShares US Preferred Stock ETF was down 10 cents to $33.55.

© 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.