Regions Financial fixed-to-floaters improve; AGNC preferreds rise; Duke Energy better

By James McCandless

San Antonio, April 25 – Amid a broad market shift downward, top traders in the preferred space ended the day mixed.

Leading trading volume again, Regions Financial Corp.’s new 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock improved.

Elsewhere in finance, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares slipped.

Meanwhile, AGNC Investment Corp.’s series D fixed-to-floating rate cumulative redeemable preferred stock was also on the rise.

Sector peer UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock finished lower.

And in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds ended better.

Regions up

Leading trading for a second day, Regions Financial’s new 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock improved by the close.

The preferreds, trading under the temporary symbol “RXFCL,” were up 12 cents to close at $25.40 on volume of about 999,000 shares.

The deal priced on Wednesday.

Elsewhere in the finance space, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares moved in the opposite direction.

The preferreds, trading under the temporary symbol “KEYLL,” dropped 5 cents to close at $24.90 with about 384,000 shares trading.

On Wednesday, the preferreds picked up 13 cents.

AGNC edges upward

Real estate investment trust AGNC’s series D fixed-to-floating rate cumulative redeemable preferred stock ended slightly better by the session’s end.

The preferreds (Nasdaq: AGNCM) rose 1 cent to close at $25.15 on volume of about 850,000 shares.

After the Wednesday close, the company released its first-quarter earnings report, missing earnings estimates and reducing its dividend on its common stock by 2 cents.

Sector peer UMH Properties’ 6.75% series C cumulative redeemable preferred stock finished negative.

The preferreds (NYSE: UMHPrC) lost 4 cents to close at $24.91 with about 554,000 shares trading.

On Thursday morning, the company priced another $90 million of the series C preferreds.

Duke Energy better

Meanwhile, utilities name Duke Energy’s 5.75% series A cumulative redeemable perpetual preferreds ended the session better.

The preferreds (NYSE: DUKPrA) added 2 cents to close at $25.80 on volume of about 838,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.11% at the close after starting up 0.08% in early Thursday trading.

The iShares US Preferred Stock ETF was down 11 cents to $36.56.

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