Morning Commentary: Dime preferreds top par; Capital One active, flat; MetLife weaker

By James McCandless

San Antonio, Jan. 30 – As the Thursday preferred session started, the Wells Fargo Hybrid & Preferred Securities Financial index opened the morning up by 0.04%.

Leading early secondary trading, Dime Community Bancshares, Inc.’s new $65.2 million 5.5% series A fixed-rate non-cumulative perpetual preferred stock was moving well above par on its first trading day.

The preferreds, trading under the temporary symbol “DIMEP,” were seen trading at $25.45 on volume of about 363,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s new $1.25 billion 4.8% series J fixed-rate non-cumulative perpetual preferred stock was active but unchanged.

The preferreds, trading under the temporary symbol “CPONZ,” were level at $24.92 with about 336,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were under pressure at the open.

The preferreds (NYSE: WFCPrZ) were losing 3 cents to $25.18 on volume of about 147,000 shares.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was also losing ground as the session kicked off.

The preferreds (NYSE: METPrF) were dipping 3 cents to $25.64 with about 319,000 shares trading.

Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s 7% series C perpetual cumulative redeemable preferred stock was on the rise.

The preferreds (NYSE: ARRPrC) were gaining 3 cents to $25.20 on volume of about 62,000 shares.

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