AT&T positive; Truist under pressure; MetLife preferreds weaken

By James McCandless

San Antonio, July 30 – As the Thursday session in the preferred market came to an end, top traders yielded mixed results.

Leading secondary trading, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock finished on the positive side.

Meanwhile, in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was under pressure.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock gained while its 5.75% series DD non-cumulative preferreds slipped.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the day lower.

Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was also trailing.

AT&T up

Leading the secondary trading going into the last half of the week, telecom name AT&T’s 4.75% series C perpetual preferred stock finished on the positive side.

The preferreds (NYSE: TPrC) were up 4 cents to close at $25.08 on volume of about 290,000 shares.

On Wednesday, the preferreds added 9 cents.

Truist loses

Meanwhile, in the finance space, Truist’s 5.25% series O non-cumulative perpetual preferred stock was under pressure.

The preferreds (NYSE: TFCPrO) were pushed down 26 cents to close at $26.70 with about 271,000 shares trading.

On Thursday morning, the company announced its plans to price an offering of $25-par series R non-cumulative perpetual preferred stock.

Sector peer JPMorgan’s 6% series EE non-cumulative preferred stock gained while its 5.75% series DD non-cumulative preferred slipped to lower levels.

The series EE preferreds (NYSE: JPMPrC) gained 12 cents to close at $28.82 on volume of about 181,000 shares trading.

The series DD preferreds (NYSE: JPMPrD) shaved off 1 cent to close at $28.20 on volume of about 165,000 shares.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the day in a weaker position.

The preferreds (NYSE: ALLYPrA) were docked 2 cents to close at $23.95 with about 157,000 shares trading.

MetLife trails

Elsewhere, insurance provider MetLife’s 4.75% series F non-cumulative preferred stock was also trailing.

The preferreds (NYSE: METPrF) dipped 4 cents to close at $25.66 on volume of about 136,000 shares.

On Wednesday, the preferreds moved up 3 cents.

Indexes vary

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.05%, rising from a 0.25% dip in early Thursday trading.

The iShares US Preferred Stock ETF was down 5 cents to $36.06.

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