| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dime Community Bancshares, Inc. > News item |
Morning Commentary: Dime preps offering; Capital One preferreds under par; MetLife up
By James McCandless
San Antonio, Jan. 29 – The preferred space extended a positive push on Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.12%.
In more primary market movements, Dime Community Bancshares, Inc. announced plans to price a $50 million offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock.
Raymond James & Associates, Inc. and Citigroup Global Markets Inc. are the joint bookrunners.
Dividends are payable on Feb. 15, May 15, Aug. 15, and Nov. 15, commencing on May 15, 2020.
The preferreds are redeemable on or after Feb. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
Meanwhile, in early secondary activity, Capital One Financial Corp.’s new $1.25 billion 4.8% series J fixed-rate non-cumulative perpetual preferred stock was seen moving under par on its first day.
The preferreds, trading under the temporary symbol “CPONZ,” were trading at $24.95 on volume of about 4.2 million shares.
Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was declining as the morning began.
The preferreds (NYSE: WFCPrZ) were losing 5 cents to $25.20 with about 300,000 shares trading.
Elsewhere, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was rising with the broader market.
The preferreds (NYSE: METPrF) were picking up 5 cents to $25.58 on volume of about 115,000 shares.
Telecom giant AT&T, Inc.’s 5% series A cumulative perpetual preferreds were under pressure at the beginning of the session.
The preferreds (NYSE: TPrA) were falling 10 cents to $25.81 with about 63,000 shares trading.
Real estate investment trust Armour Residential REIT, Inc.’s 7% series C perpetual cumulative redeemable preferred stock were seeing a modest gain.
The preferreds (NYSE: ARRPrC) were tacking on 2 cents to $25.18 on volume of about 45,000 shares.
© 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.