Preferreds improve; Fannie Mae active; Annaly Capital up; Wells Fargo slightly better

By Cristal Cody

Tupelo, Miss., Aug. 30 – The preferred stock market ended on a mostly positive tone on Wednesday on light activity with many in the market focused on the U.S. Open Tennis Championships and the upcoming Labor Day holiday.

The U.S. iShares Preferred Stock ETF closed up 0.5, or 0.12%.

The Wells Fargo Hybrid and Preferred Securities index ended up 2.13, or 0.16%.

The Fannie Mae’s 8.25% fixed-to-floating rate non-cumulative preferred shares, series S, (OTCMKTS: FNMAS) were trading heavily over the day on nearly double its usual volume but ended down 1 cent to $6.34.

Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred shares (NYSE: NLYPrF) were among the more active names and traded up 6 cents to $25.10 going out.

Wells Fargo & Co.’s paper also was active in trading during the session.

The company’s 5.625% class A series Y noncumulative preferred (NYSE: WFCPrY) closed up 8 cents at $25.84.

Wells Fargo’s 8% series J non-cumulative perpetual preferreds (NYSE: WFC-PJ) rose 3 cents to close at $25.50.

Also in trading on Wednesday, Ashford Hospitality Trust Inc.’s 7.5% series H cumulative redeemable preferred gained a dime to close at $24.85 after trading up 3 cents early in the session.

The $85 million deal priced on Aug. 16 and listed on the New York Stock Exchange on Tuesday under the ticker symbol “AHTPrH.”

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