Ally Financial preferreds trade down; Spire level again; Energy Transfer active, lower

By James McCandless

San Antonio, May 17 – Despite a week of positivity in the preferred space, the market trended lower on Friday.

Leading the way, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended down.

Elsewhere in finance, JPMorgan Chase & Co.’s 6.3% series W and 6% series EE non-cumulative preferred stock were both lower.

Sector peer Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were also slightly off.

Meanwhile, in utilities, Spire Inc.’s new 5.9% series A cumulative redeemable perpetual preferred stock closed flat again.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units followed the day’s trend.

Ally declines

Leading the preferred market downward, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities (NYSE: ALLYPrA) were down 11 cents to close at $25.82 on volume of about 324,000 shares.

On Thursday, the preferreds rose 2 cents.

Elsewhere in the finance space, JPMorgan’s 6.3% series W and 6% series EE non-cumulative preferred stock were both on the losing side by the end of the session.

The series W preferreds (NYSE: JPMPrE) fell 19 cents to close at $25.52 with about 271,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) lost 5 cents to close at $26.43 with about 154,000 shares trading.

On Thursday, the preferreds gained 3 cents.

Sector peer Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds also saw lower movement.

The preferreds (NYSE: RFPrC) declined by 3 cents to close at $25.47 on volume of about 155,000 shares.

Spire flat

Meanwhile, in utilities, Spire’s new 5.9% series A cumulative redeemable perpetual preferred stock closed flat for a second day in a row.

The preferreds, trading under the temporary symbol “SIPRY,” closed level at $25.70 with about 286,000 shares trading.

Energy Transfer off

In the oil and gas space, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units followed the negative trend.

The preferreds (NYSE: ETPPrE) shaved off 1 cent to close at $24.84 on volume of about 142,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped off the week down by 0.24%, extending a negative run after opening off by 0.10% early Friday.

The iShares US Preferred Stock ETF was down 10 cents to $36.52.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.