Ally Financial better; Athene preferreds positive; Public Storage gains

By James McCandless

San Antonio, June 29 – At the start of a holiday-shortened week, the preferred market spent Monday making improvements.

At the top of the session’s secondary activity, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished better.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was under pressure.

Retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were positive.

Meanwhile, REIT Public Storage’s 4.625% series L cumulative preferred shares ended the afternoon with gains.

Sector peer Armada Hoffler Properties, Inc.’s 6.75% series A cumulative redeemable perpetual preferreds dipped.

Ally Financial better

At the top of the Monday session’s secondary activity, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished in a better position.

The preferreds (NYSE: ALLYPrA) were up 13 cents to close at $22.70 on volume of about 668,000 shares.

On Friday, the preferreds trailed by 38 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferred stock was under pressure.

The preferreds (NYSE: JPMPrD) declined by 6 cents to close at $26.60 with about 263,000 shares trading.

On Friday, the preferreds chalked off 5 cents.

Athene positive

Retirement services provider Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were positive.

The preferreds (NYSE: ATHPrC) added 11 cents to close at $25.36 on volume of about 434,000 shares.

Public Storage gains

Meanwhile, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares ended the afternoon with gains.

The preferreds (NYSE: PSAPrL) tacked on 6 cents to close at $25.18 with about 321,000 shares trading.

On Friday, the preferreds added 2 cents.

Sector peer Armada Hoffler’s 6.75% series A cumulative redeemable perpetual preferreds dipped as the day ended.

The preferreds (NYSE: AHHPrA) were docked 10 cents to close at $23.70 on volume of about 261,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.14%, higher than the 0.03% loss from early Monday trading.

The iShares US Preferred Stock ETF was up 4 cents to $34.51.

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