Allstate better; Brookfield Property preferreds rise; Wells Fargo negative

By James McCandless

San Antonio, Aug. 28 – At the midpoint of the week, the preferred stock market was largely positive.

Leading the day, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock closed better.

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative preference shares were seen improving.

Real estate name Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units also followed Wednesday’s trend.

Meanwhile, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds went negative.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds pushed higher.

Allstate better

Leading activity for the day, Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock closed better.

The preferreds (NYSE: ALLPrH) were up 2 cents to close at $26.02 on volume of about 490,000 shares.

On Tuesday, the preferreds went up 18 cents.

Sector peer Aspen Insurance’s 5.625% non-cumulative preference shares were seen improving.

The preferreds (NYSE: AHLPrE) improved by 22 cents to close at $25.80 with about 273,000 shares trading.

Brookfield rises

Real estate developer Brookfield Property’s 6.375% series 2 cumulative redeemable perpetual preferred units also trended upward.

The preferreds (Nasdaq: BPYPO) picked up 14 cents to close at $25.43 on volume of about 282,000 shares.

Wells Fargo down

Meanwhile, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds took a negative turn by the session’s end.

The preferreds (NYSE: WFCPrQ) lost 3 cents to close at $26.75 with about 280,000 shares trading.

Elsewhere in the finance space, JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds both pushed higher.

The series EE preferreds (NYSE: JPMPrC) jumped up 25 cents to close at $28.03 on volume of about 252,000 shares.

On Tuesday, the preferreds added 1 cent.

The series DD preferreds (NYSE: JPMPrD) tacked on 30 cents to close at $28.34 on volume of about 240,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the day up by 0.13%, doubling the 0.06% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up 4 cents to $37.41.

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