Ally Financial under water; Pennsylvania REIT drops; AT&T improves

By James McCandless

San Antonio, May 4 – While the preferred space ended Monday with a small gain, top traders trended negatively.

Leading the day’s secondary, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under water.

Elsewhere in the finance space, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds declined.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock ended the afternoon weaker while its 6% series EE non-cumulative preferred stock rose.

Real estate name Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares dropped.

Meanwhile, telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock improved.

Ally Financial down

Leading the day’s secondary trading, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under water.

The preferreds (NYSE: ALLYPrA) were down 28 cents to close at $21.86 on volume of about 543,000 shares.

On Friday, the preferreds shed 41 cents.

Elsewhere in the finance space, Wells Fargo’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds declined.

The preferreds (NYSE: WFCPrR) shaved off 4 cents to close at $26.60 with about 362,000 shares trading.

Sector peer Bank of America’s 5% series LL non-cumulative preferred stock ended the afternoon weaker while its 6% series EE non-cumulative preferred stock rose.

The series LL preferreds (NYSE: BACPrN) was docked 1 cent to close at $24.90 on volume of about 216,000 shares.

The series EE preferreds (NYSE: BACPrA) picked up 16 cents to close at $26.06 on volume of about 148,000 shares.

Penn REIT drops

Real estate investment trust Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares dropped.

The preferreds (NYSE: PEIPrC) declined by 62 cents to close at $5.06 with about 238,000 shares trading.

AT&T gains

Meanwhile, telecom services provider AT&T’s 4.75% series C perpetual preferred stock ended the session with an improvement.

The preferreds (NYSE: TPrC) picked up 28 cents to close at $23.14 on volume of about 133,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.09%, reversing a 0.29% loss from early Monday morning.

The iShares US Preferred Stock ETF was up 3 cents to $33.99.

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