SoCal Edison preferreds decline; Ally Financial positive; Athene under water

By James McCandless

San Antonio, Dec. 19 – The preferred space ended the day on a slightly positive trend, though volume leaders varied.

At the top of the secondary, Southern California Edison Co., a subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating rate preferred securities decline.

Meanwhile, in finance, Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished positive.

Sector peer SVB Financial Group’s 5.25% series A non-cumulative perpetual preferred stock ended the day weaker.

Retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate non-cumulative preference shares were under water.

Elsewhere, in telecom, AT&T Inc.’s 5% series A perpetual preferreds spent the Thursday session rising.

SoCal Edison down

At the top of activity in the secondary market, Southern California Edison’s 5.75% cumulative fixed-to-floating rate preferred securities declined.

The preferreds (NYSE: SCEPrH) were down 8 cents to close at $24.15 on volume of about 932,000 shares trading.

On Wednesday, the preferreds shot up 11 cents.

Ally Financial better

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished positive at the close.

The preferreds (NYSE: ALLYPrA) tacked on 1 cent to close at $26.02 with about 739,000 shares trading.

On Wednesday, the preferreds gained 1 cent.

Sector peer SVB Financial’s 5.25% series A non-cumulative perpetual preferred stock ended the day weaker.

The preferreds (Nasdaq: SIVBP) declined by 3 cents to close at $25.80 on volume of about 554,000 shares.

Athene lower

Retirement services provider Athene’s 6.35% series A fixed-to-floating rate non-cumulative preference shares spent the day under water.

The preferreds (NYSE: ATHPrA) dipped 8 cents to close at $28.42 with about 663,000 shares trading.

AT&T rises

Elsewhere, in the telecom sector, AT&T’s 5% series A perpetual preferreds spent the Thursday session rising.

The preferreds (NYSE: TPrA) gained 12 cents to close at $25.81 on volume of about 534,000 shares.

On Wednesday, the preferreds moved up 17 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.02%, reversing a 0.06% loss from early Thursday trading.

The iShares US Preferred Stock ETF was up 3 cents to $37.40.

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