DiamondRock preferreds below par; Ally Financial rises; AT&T declines

By James McCandless

San Antonio, Aug. 21 – At the end of the week, the preferred market walked back some of the gains from earlier in the week.

At the top of the secondary market, DiamondRock Hospitality Co.’s new $110 million 8.25% series A cumulative redeemable preferred shares closed at $24.70 on volume of about 1.4 million shares.

Meanwhile, in the finance space, Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained 9 cents to close at $24.85 with about 228,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares shaved off 5 cents to close at $24.99 on volume of about 223,000 shares.

Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was active but closed level at $26.28 with about 209,000 shares trading.

Elsewhere, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred shares were pushed down 11 cents to close at $25.37 on volume of about 123,000 shares.

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