Argo Group improves; Bank of America under pressure; Farmer Mac jumps

By James McCandless

San Antonio, Aug. 17 – The Monday session in the preferred market brought positivity to the beginning of the week.

At the top of the secondary, Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preference shares improved.

Meanwhile, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was under pressure.

Sector peer Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock also slipped.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds moved up by the end of the day.

Elsewhere, rural lender Federal Agricultural Mortgage Corp.’s new 5.25% series F non-cumulative perpetual preferred stock jumped up.

Argo improves

At the top of the Monday secondary, Argo Group’s 7% resettable fixed-rate preference shares were seen improving.

The preferreds (NYSE: ARGOPrA) were up 10 cents to close at $25.34 on volume of about 496,000 shares.

Bank of America down

Meanwhile, in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock was under pressure, moving against the run of play.

The preferreds (NYSE: BACPrN) shaved off 2 cents to close at $26.98 with about 336,000 shares trading.

Sector peer Truist’s 4.75% series R non-cumulative perpetual preferred stock also slipped to a lower position.

The preferreds (NYSE: TFCPrR) chalked off 2 cents to close at $25.85 on volume of about 211,000 shares.

On Friday, the preferreds improved by 15 cents.

Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds moved up by the end of the day.

The preferreds (NYSE: COFPrJ) tacked on 6 cents to close at $23.66 with about 189,000 shares trading.

Farmer Mac jumps

Elsewhere, rural lender Farmer Mac’s new 5.25% series F non-cumulative perpetual preferred stock jumped upward.

The preferreds, trading under the temporary symbol “AGMFP,” added 16 cents to close at $25.18 on volume of about 280,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the afternoon up by 0.36%, better than the 0.24% boost in early Monday trading.

The iShares US Preferred Stock ETF was up 12 cents to $36.49.

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