Bank of America preferreds diverge; Allstate positive; New Residential improves

By James McCandless

San Antonio, Aug. 30 – The preferred secondary market capped off the week with mixed results.

Leading the day, Bank of America Corp.’s 6% series GG and 6.5% series Y non-cumulative preferred stock moved in different directions.

The series GG preferreds were down 9 cents to close at $26.84 on volume of about 1.3 million shares.

The series Y preferreds were up 8 cents to close at $25.69 on volume of about 551,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferreds fell 5 cents to close at $25.86 with about 706,000 shares trading.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferred shares lost 5 cents to close at $25.88 on volume of about 381,000 shares.

Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock shot up late in the day, adding 15 cents to close at $26.26 with about 1.3 million shares trading.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds improved by 5 cents to close at $25.08 on volume of about 1.2 million shares.

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