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.

The preferred securities (NYSE: ALLYPrA) were off 11 cents to close at $25.82 on volume of about 324,000 shares

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

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.

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

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

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

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

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) shaved off 1 cent to close at $24.84.

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