Morning Commentary: AT&T gaining; Dynex Capital below par; Wells Fargo active, flat

By James McCandless

San Antonio, Feb. 14 – The preferred space opened with a rise at the tail end of the week with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%.

Leading the early Friday secondary action, telecom services provider AT&T, Inc.’s new 4.75% series C perpetual preferred stock was trending upward.

The preferreds, trading under the temporary symbol “ATTXL,” were up 2 cents to $25.20 on volume of about 1.1 million shares.

Meanwhile, real estate investment trust Dynex Capital, Inc.’s new $100 million 6.9% series C fixed-to-floating rate cumulative redeemable preferred stock was operating under par on its first day.

The preferreds, trading under the temporary symbol “DXPBN,” were spotted at $24.94 with about 566,000 shares traded.

Sector peer UMH Properties, Inc.’s 6.375% series D cumulative redeemable preferreds followed the morning’s positive trend.

The preferreds (NYSE: UMHPrD) were improving by 6 cents to $24.72 on volume of about 69,000 shares.

Elsewhere, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was relatively active but unchanged.

The preferreds (NYSE: WFCPrZ) were holding level at $25.47 with about 75,000 shares trading.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was inching higher.

The preferreds (NYSE: COFPrJ) were picking up 1 cent to $24.97 on volume of about 60,000 shares.

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