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Ellington rises; Ally Financial, Capital One preferreds better; Maiden Holdings recovers
By James McCandless
San Antonio, Oct. 18 – The preferred space capped the week on an overall negative trend, though top traders were pushing higher.
At the top of activity, Ellington Financial Inc.’s new 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock rose.
Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities closed better.
Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the trend.
Bank of America Corp.’s 5% series LL non-cumulative preferred stock finished the session on the negative side.
Insurance name Maiden Holdings Ltd.’s 8.25% series A non-cumulative preference shares recovered from an early slump.
Ellington rises
At the top of secondary activity again, mortgage name Ellington’s new 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock rose.
The preferreds, trading under the temporary symbol “EGLLP,” were up 3 cents to close at $25.19 on volume of about 499,000 shares.
On their first trading day on Tuesday, the preferreds closed above par.
Ally Financial better
Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities closed on better ground.
The preferreds (NYSE: ALLYPrA) were better by 4 cents to close at $26.43 with about 489,000 shares traded.
On Thursday, the preferreds picked up 7 cents.
Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the market’s positive trend.
The preferreds (NYSE: COFPrI) added 1 cent to close at $25.10 on volume of about 313,000 shares.
On Thursday, the preferreds improved by 2 cents.
Bank of America’s 5% series LL non-cumulative preferred stock finished against the grain on the negative side.
The preferreds (NYSE: BACPrN) fell 1 cent to close at $25.79 with about 270,000 shares trading.
On Thursday, the preferreds gained 5 cents.
Maiden recovers
Meanwhile, insurance name Maiden Holdings’ 8.25% series A non-cumulative preference shares recovered from an early Friday slump.
The preferreds (NYSE: MHPrA) jumped up 19 cents to close at $5.75 on volume of about 314,000 shares.
The company announced on Wednesday that it has filed paperwork to re-domesticate from its headquarters in Bermuda to Vermont.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index finished the week down by 0.20%, reversing an early gain of 0.03%.
The iShares US Preferred Stock exchange-traded fund was down 4 cents to $37.55.
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