Farmer Mac preferreds above par; Athene Holding improves; Alabama Power trades higher

By James McCandless

San Antonio, Aug. 14 – Preferreds ended Friday continuing positive momentum seen earlier in the week.

Leading the secondary market, Federal Agricultural Mortgage Corp.’s new $120 million 5.25% series F non-cumulative perpetual preferred stock closed above par.

Retirement services provider Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares and its 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were both trading higher.

Meanwhile, utilities name Alabama Power Co.’s 5% class A cumulative preferred stock ended in a better position.

REIT Armada Hoffler Properties, Inc.’s 6.75% series A cumulative redeemable perpetual preferreds declined.

Elsewhere, in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock moved on a positive track.

Farmer Mac past par

Leading the Friday secondary market, Farmer Mac’s new $120 million 5.25% series F non-cumulative perpetual preferred stock closed its first day above par.

The preferreds, trading under the temporary symbol “AGMFP,” closed at $25.02 on volume of about 3.3 million shares.

The deal priced on Thursday.

Athene boosted

Retirement services provider Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares and its 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were both boosted as the afternoon came to an end.

The series A preferreds (NYSE: ATHPrA) rose 16 cents to close at $26.08 with about 926,000 shares trading.

The series C preferreds (NYSE: ATHPrC) improved by 18 cents to close at $26.46 on volume of about 480,000 shares.

Alabama Power better

Meanwhile, utilities name Alabama Power’s 5% class A cumulative preferred stock ended the session in a better position.

The preferreds (NYSE: ALPPrQ) garnered 14 cents to close at $27.00 on volume of about 428,000 shares.

Armada Hoffler declines

Real estate investment trust Armada Hoffler’s 6.75% series A cumulative redeemable perpetual preferreds declined.

The preferreds (NYSE: AHHPrA) shaved off 7 cents to close at $24.65 with about 398,000 shares trading.

The company priced a $90 million add-on to the series on Thursday.

Truist up

Elsewhere, in the banking and finance space, Truist’s 4.75% series R non-cumulative perpetual preferred stock moved on a positive track.

The preferreds (NYSE: TFCPrR) improved by 15 cents to close at $25.87 on volume of about 277,000 shares.

On Thursday, the preferreds tacked on 10 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.05% to cap the week, a weaker gain than the 0.12% gain from early Friday trading.

The iShares US Preferred Stock ETF was down 2 cents to $36.37.

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