Signature Bank rises; AT&T preferreds under pressure; Athene drops

By James McCandless

San Antonio, Dec. 14 – At the start of a new week, the preferred market maintained a generally positive trend as top traders faltered.

Leading the secondary activity for a second day, Signature Bank’s new 5% series A non-cumulative perpetual preferred stock rose.

Elsewhere in the finance space, Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock gained some ground.

Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferreds moved along an upward path.

Telecom services giant AT&T, Inc.’s 5% series A cumulative perpetual preferred stock was under pressure on Monday.

Meanwhile, Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares dropped.

Signature rises

Leading the preferred secondary activity for a second day, Signature Bank’s new 5% series A non-cumulative perpetual preferred stock rose.

The preferreds, trading under the temporary symbol “SBNYL,” were up 2 cents to close at $24.90 on volume of about 1.6 million shares.

The preferreds traded below par on their first day Friday.

Elsewhere in the finance space, Citigroup’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock gained some ground.

The preferreds (NYSE: CPrK) gained 8 cents to close at $28.45 with about 419,000 shares trading.

Sector peer Bank of America’s 4.375% series NN non-cumulative preferreds moved along an upward path for the day.

The preferreds (NYSE: BACPrO) improved by 4 cents to close at $26.12 on volume of about 265,000 shares.

AT&T down

Telecom services giant AT&T’s 5% series A cumulative perpetual preferred stock was under pressure on Monday.

The preferreds (NYSE: TPrA) chalked off 16 cents to close at $26.83 with about 165,000 shares trading.

Athene drops

Meanwhile, retirement services name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares dropped.

The preferreds (NYSE: ATHPrC) declined by 24 cents to close at $27.60 on volume of about 122,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped Monday up by 0.22%.

The index rounded out Friday up by 0.06%, ended down 0.21% on Thursday, finished Wednesday up by 0.15%.

The iShares US Preferred Stock ETF was up 5 cents to $37.94.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.