Bank of America preferreds better; Allstate unchanged; New Residential improves

By James McCandless

San Antonio, Sept. 25 – The preferred space ended the Wednesday session on a positive note.

Leading the secondary, Bank of America Corp.’s 5% series LL and 5.875% series HH non-cumulative preferred stock both ended better.

The series LL preferreds were up 11 cents to close at $25.30 on volume of about 858,000 shares.

The series HH preferreds were up 2 cents to close at $27.69 on volume of about 639,000 shares.

Elsewhere in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds rose 3 cents to close at $24.93 with about 747,000 shares trading.

Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds closed level at $26.47 on volume of about 304,000 shares.

Meanwhile, REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds gained 4 cents to close at $25.25 with about 280,000 shares trading.

Sector peer Public Storage’s 4.875% series I cumulative preferred shares jumped up 18 cents to close at $25.65 on volume of about 236,000 shares.

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