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Public Storage preferreds positive; Ally Financial better; Athene declines
By James McCandless
San Antonio, June 19 – At the end of the week, the preferred market ended on mixed footing with the most active traders diverging.
Leading the activity in the secondary, REIT Public Storage’s 4.625% series L cumulative preferred shares trended upward at the end of the afternoon.
Sector peer Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds sunk lower.
Meanwhile, Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares declined.
Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating trust preferred securities closed on better ground.
JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock was under pressure in the Friday session.
Public Storage up
Leading the activity in the secondary space, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares trended upward at the end of the afternoon.
The preferreds (NYSE: PSAPrL) were up 2 cents to close at $24.90 on volume of about 426,000 shares.
On Thursday, the preferreds shot up 24 cents.
Sector peer Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferreds sunk lower.
The preferreds (NYSE: CIMPrB) declined by 42 cents to close at $19.60 with about 134,000 shares trading.
Athene off
Meanwhile, retirement name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares declined.
The preferreds (NYSE: ATHPrC) moved down 12 cents to close at $25.00 on volume of about 353,000 shares.
On Thursday, the preferreds tacked on 5 cents.
Ally Financial better
Elsewhere, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating trust preferred securities closed on better ground.
The preferreds (NYSE: ALLYPrA) gained 13 cents to close at $22.71 with about 292,000 share trading.
JPMorgan’s 6.1% series AA non-cumulative preferred stock was under pressure.
The preferreds (NYSE: JPMPrG) chalked off 3 cents to close at $25.30 on volume of about 154,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index finished the week down by 0.16%, declining from a 0.04% gain from early Friday trading.
The iShares US Preferred Stock ETF was up 7 cents to $35.03.
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