Ally Financial improves; Annaly Capital preferreds lifted; Allstate rises

By James McCandless

San Antonio, April 8 – The holiday-shortened week in the preferred market continued to trend positively on Wednesday.

Leading the secondary, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferred securities improved.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock picked up steam.

Sector peer Bank of America Corp.’s 6% series E non-cumulative preferred stock spent the session gaining.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were lifted.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock rose.

Ally Financial adds

Leading in secondary trading, Ally Financial’s 8.125% series A fixed-to-floating rate trust preferreds securities saw a marked improvement.

The preferreds (NYSE: ALLYPrA) were up $1.58 to close at $20.74 on volume of about 889,000 shares.

On Tuesday, the preferreds picked up 6 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferred stock picked up steam.

The preferreds (NYSE: JPMPrD) shifted up 17 cents to close at $25.91 with about 588,000 shares trading.

Sector peer Bank of America’s 6% series E non-cumulative preferred stock spent the Wednesday session gaining.

The preferreds (NYSE: BACPrA) gained 9 cents to close at $25.38 on volume of about 539,000 shares.

Annaly Capital lifted

Asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were lifted as the afternoon ended.

The preferreds (NYSE: NLYPrF) shot up $2.26 to close at $21.25 with about 554,000 shares trading.

Allstate rises

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock rose.

The preferreds (NYSE: ALLPrH) added 24 cents to close at $24.24 on volume of about 493,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 1.7%, shooting past the 0.07% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up 92 cents to $32.72.

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