New Residential Investment preferreds below par; Allstate improves; BB&T trades higher

By James McCandless

San Antonio, Aug. 9 –The preferred space closed out the week on a positive trend with newer issues taking up much of the attention.

Leading trading, New Residential Investment Corp.’s new $250 million 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock closed just below par.

The preferreds, trading under the temporary symbol “NRZEP,” were seen ending its first day at $24.99 on volume of about 2.8 million shares.

Sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were trending higher.

The preferreds (Nasdaq: AGNCM) picked up 10 cents to close at $25.66 with about 291,000 shares trading.

Meanwhile, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock ended better.

The preferreds (NYSE: ALLPrH) rose 8 cents to close at $25.38 on volume of about 675,000 shares.

Elsewhere in insurance, Aspen Insurance Holdings Ltd.’s new 5.625% non-cumulative preferred shares saw a slight dip.

The preferreds, trading under the temporary symbol “AHLNF,” were down 1 cent to close at 357,000 shares.

And in finance, BB&T Corp.’s 5.2% series F non-cumulative perpetual preferred stock followed the market trend upward.

The preferreds (NYSE: BBTPrF) improved by 13 cents to close at $25.38 on volume of about 253,000 shares.

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