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.

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

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

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares also improved, adding 3 cents to close at $25.60 with about 238,000 shares trading.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds lost 8 cents to close at $24.97 on volume of about 269,000 shares.

Public Storage’s 4.95% series D cumulative preferred stock fell 1 cent to close at $25.95 with about 198,000 shares trading.

In the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities saw a boost, jumping 39 cents to close at $27.83 on volume of about 230,000 shares.

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