Public Storage preferreds positive; Ally Financial better; Athene declines

By James McCandless

San Antonio, June 19 – At the end of the week, the preferred market ended on mixed footing with the most active traders diverging.

Leading the activity in the secondary, REIT Public Storage’s 4.625% series L cumulative preferred shares trended upward at the end of the afternoon.

Sector peer Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds sunk lower.

Meanwhile, Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares declined.

Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating trust preferred securities closed on better ground.

JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock was under pressure in the Friday session.

Public Storage up

Leading the activity in the secondary space, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares trended upward at the end of the afternoon.

The preferreds (NYSE: PSAPrL) were up 2 cents to close at $24.90 on volume of about 426,000 shares.

On Thursday, the preferreds shot up 24 cents.

Sector peer Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferreds sunk lower.

The preferreds (NYSE: CIMPrB) declined by 42 cents to close at $19.60 with about 134,000 shares trading.

Athene off

Meanwhile, retirement name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares declined.

The preferreds (NYSE: ATHPrC) moved down 12 cents to close at $25.00 on volume of about 353,000 shares.

On Thursday, the preferreds tacked on 5 cents.

Ally Financial better

Elsewhere, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating trust preferred securities closed on better ground.

The preferreds (NYSE: ALLYPrA) gained 13 cents to close at $22.71 with about 292,000 share trading.

JPMorgan’s 6.1% series AA non-cumulative preferred stock was under pressure.

The preferreds (NYSE: JPMPrG) chalked off 3 cents to close at $25.30 on volume of about 154,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week down by 0.16%, declining from a 0.04% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 7 cents to $35.03.

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