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Morning Commentary: Preferred stocks mixed; Farmer Mac preferreds up; U.S. Bancorp flat
By Cristal Cody
Tupelo, Miss., May 10 – Preferred stocks were mixed at the start of Friday’s session.
The Wells Fargo Hybrid and Preferred Securities index was up 0.01% after going out on Thursday up 0.01%.
The U.S. iShares Preferred Stock ETF fell 2 cents, or 0.08%, to $36.34. The ETF closed the previous session down 1 cent, or 0.03%.
In early trading on Friday, Federal Agricultural Mortgage Corp.’s $100 million of $25-par series D 5.7% non-cumulative perpetual preferred stock that priced on Wednesday was seen up 6 cents to $24.96.
The preferreds were admitted for over-the-counter trading under the symbol “FMTPP.”
Farmer Mac’s preferreds closed Thursday unchanged at $24.90 after gaining 6 cents, or 0.24%, in early pink slip trading.
In other trading early Friday, U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock (NYSE: USBPrM) was active but unchanged at $26.84 with about 188,000 shares traded.
The preferreds went out on Thursday up 4 cents, or 0.15%, on an average trading volume of 189,000 shares.
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