Wintrust ends under par; MetLife preferreds gain; Northern Trust better

By James McCandless

San Antonio, May 7 – Top traders in the preferred space ended Thursday on modest gains with a focus on new issuance.

On top of secondary activity, Wintrust Financial Corp.’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended below par.

The preferreds, trading under the temporary symbol “WTFNL,” were seen closing at $24.97 on volume of about 3.8 million shares.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferreds tacked on 1 cent to close at $24.97 with about 393,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds added 2 cents to close at $26.30 on volume of about 359,000 shares.

Meanwhile, insurance name MetLife, Inc.’s series A floating rate non-cumulative preferreds improved by 8 cents to close at $22.02 with about 951,000 shares trading.

Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferreds moved up 1 cent to close at $24.72 on volume of about 566,000 shares.

© 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.