Signature Bank preferreds lower; Athene declines; NGL Energy moves up

By James McCandless

San Antonio, Dec. 21 – At the beginning of a holiday-shortened week, the preferred market kicked off with negativity.

At the top of the session’s secondary activity, Signature Bank’s recent 5% series A non-cumulative perpetual preferred stock was pushed lower.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.7% series AA non-cumulative perpetual preferreds rose while its 4.75% series Z non-cumulative perpetual class A preferred stock weakened.

Sector peer U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock improved by the end of the afternoon.

Retirement services provider Athene Holding Ltd.’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares declined.

Meanwhile, oil and gas logistics name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units moved up.

Signature Bank lower

At the top of the Monday session’s secondary activity, Signature Bank’s recent 5% series A non-cumulative perpetual preferred stock was pushed into a lower position.

The preferreds (Nasdaq: SBNYP) were down 24 cents to close at $25.20 on volume of about 1.3 million shares.

On Friday, the preferreds fell 5 cents.

Elsewhere in the finance space, Wells Fargo’s 4.7% series AA non-cumulative perpetual preferreds spent the day rising while its 4.75% series Z non-cumulative perpetual class A preferred stock weakened.

The series AA preferreds (NYSE: WFCPrA) grabbed 10 cents to close at $26.28 with about 221,000 shares trading.

The series Z preferreds (NYSE: WFCPrZ) shaved off 6 cents to close at $26.31 with about 178,000 shares trading.

Sector peer U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock improved by the end of the afternoon.

The preferreds (NYSE: USBPrQ) picked up 16 cents to close at $25.25 on volume of about 221,000 shares.

Athene declines

Retirement services provider Athene’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares were also in decline.

The preferreds, trading under the temporary symbol “ATHDF,” chalked off 6 cents to close at $25.02 with about 242,000 shares.

On Friday, the preferreds reached up 6 cents.

NGL up

Meanwhile, oil and gas logistics name NGL Energy’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units moved upward.

The preferreds (NYSE: NGLPrB) garnered 28 cents to close at $12.97 on volume of about 172,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% by Monday’s close.

The index ended Friday down by 0.05%, gained 0.22% on Thursday and was 0.18% better on Wednesday.

The iShares US Preferred Stock ETF was down 1 cent to $38.18.

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