Allstate preferreds positive; New Residential declines; Citigroup sees boost

By James McCandless

San Antonio, Aug. 22 – Thursday’s preferred market session continued the improvements seen from the previous day.

In secondary trading, Allstate Corp.’s 5.1% series H and 6.625% series E fixed-rate non-cumulative perpetual preferred stock were both positive.

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares also improved.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds declined.

Public Storage’s 4.95% series D cumulative preferred stock were also on the negative side.

In the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities saw a boost.

Allstate positive

At the top of secondary trading, Allstate’s 5.1% series H and 6.625% series E fixed-rate non-cumulative perpetual preferred stock were both moving positively on Thursday.

The series H preferreds (NYSE: ALLPrH) were up 7 cents to close at $25.93 on volume of about 1.5 million shares.

On Wednesday, the preferreds rose 8 cents.

The series E preferreds (NYSE: ALLPrE) picked up 9 cents to close at $25.52 on volume of about 203,000 shares.

Sector peer Aspen Insurance’s 5.625% non-cumulative perpetual preference shares also saw an improvement.

The preferreds (NYSE: AHLPrE) added 3 cents to close at $25.60 with about 238,000 shares trading.

New Residential down

Meanwhile, real estate investment trust New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds declined.

The preferreds (NYSE: NRZPrB) lost 8 cents to close at $24.97 on volume of about 269,000 shares.

On Wednesday, the preferreds dipped 1 cent.

Public Storage, another REIT, saw its 4.95% series D cumulative preferred stock also close the session on the negative side.

The preferreds (NYSE: PSAPrD) fell 1 cent to close at $25.95 with about 198,000 shares trading.

Citigroup better

Elsewhere, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities saw a boost.

The preferreds (NYSE: CPrN) jumped up 39 cents to close at $27.83 on volume of about 230,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.12%, maintaining its rise from early Thursday trading.

The iShares US Preferred Stock ETF was up 3 cents to $37.48.

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