Morning Commentary: Invesco preferreds fall; Citigroup trades higher; Allstate declines

By James McCandless

San Antonio, April 20 – The new week started with a dip in the preferred space as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.64%.

Leading the morning’s secondary trading, real estate investment trust Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferred stock was falling.

The preferreds (NYSE: IVRPrC) were down 57 cents to $11.32 on volume of about 135,000 shares.

Meanwhile, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities started on the positive side, bucking the prevailing trend.

The preferreds (NYSE: CPrN) were adding 6 cents to $27.08 with about 63,000 shares trading.

Sector peer Bank of America Corp.’s 6% series EE non-cumulative preferred stock was under pressure.

The preferreds (NYSE: BACPrA) were shaving off 10 cents to $25.40 on volume of about 38,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were trailing as Monday kicked off.

The preferreds (NYSE: ALLYPrA) were dipping 23 cents to $20.88 with about 35,000 shares trading.

Elsewhere, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were moving downward.

The preferreds (NYSE: ALLPrH) were declining by 11 cents to $24.95 on volume of about 36,000 shares.

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