Allstate preferreds gain; New Residential better; Morgan Stanley negative

By James McCandless

San Antonio, Aug. 20 – At the Tuesday close, the preferred space finished on a positive trend though top traders were not as cohesive as the rest of the market.

Leading secondary trading activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock saw gains.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds also closed better.

In finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock saw negative movement.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferreds ended slightly better.

Communications name Qwest Corp.’s 6.875% notes due 2054 dipped.

Allstate gains

Finishing in first position for secondary trading, Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was seen gaining throughout the day.

The preferreds (NYSE: ALLPrH) were up 16 cents to close at $25.89 on volume of about 1 million shares.

On Monday, the preferreds picked up 8 cents.

New Residential better

Meanwhile, real estate investment trust New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds also ended the session better.

The preferreds (NYSE: NRZPrB) tacked on 2 cents to close at $25.04 with about 785,000 shares trading.

On Monday, the preferreds added 10 cents.

Morgan Stanley down

In the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating-rate non-cumulative preferred stock saw negative movement.

The preferreds (NYSE: MSPrK) declined by 5 cents to close at $27.33 on volume of about 272,000 shares.

Sector peer Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferreds ended trading slightly better.

The preferreds (Nasdaq: MBINO) rose 2 cents to close at $25.75 with about 266,000 shares trading.

Qwest dips

Elsewhere, in communications, Qwest’s 6.875% notes due 2054 saw a dip.

The notes (NYSE: CTV) dropped 13 cents to close at $25.16 on volume of about 196,000 notes.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.22%, pushing past the 0.04% gain in early Tuesday trading.

The iShares US Preferred Stock ETF was up 4 cents to $37.34.

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