New Allstate preferreds climb again; Bank of America preferreds trade up in high volume

By James McCandless

San Antonio, April 3 – The preferred stock market saw a quieter day Tuesday as newer issues continued to drive activity.

Allstate Corp. led the session again with its new $500 million of 5.625% $25-par series G perpetual preferred shares.

“Allstate has really led the market with these over the past week,” a trader said.

The series B preferreds gained 7 cents to close at $25.15.

Bank of America Corp.’s preferreds continued trading up, riding on news that it would redeem all series M and some series K preferreds.

The series K preferreds were in high volume but remained unchanged at $25.66. The series C preferreds lost 9 cents to close at $25.94.

Wells Fargo & Co. saw losses in its preferreds, providing much of the day’s volume.

The series X preferreds lost 19 cents to close at $24.66. The O series preferreds fell 5 cents to close at $24.56.

Meanwhile, the Wells Fargo Hybrid & Preferred Securities Financial index closed down 0.16%, recovering somewhat after being down 0.31% in morning trading.

The iShares US Preferred Stock ETF fell $0.14 to close at $37.14.

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