AGNC preferreds move higher; Chimera jumps; JPMorgan declines

By James McCandless

San Antonio, March 27 – Despite posting gains for most of the week, the preferred space saw an overall decline on Friday as top traders diverged.

Closing the week on top, AGNC Investment Corp.’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were up $1.19 to close at $20.25 on volume of about 677,000 shares.

Elsewhere in the REIT space, Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds shot up $2.49 to close at $17.50 with about 361,000 shares trading.

Meanwhile, finance name JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred shares dropped 44 cents to close at $24.86 on volume of about 661,000 shares.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities fell $2.00 to close at $20.84 with about 554,000 shares trading.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were pushed down 58 cents to close at $25.55 on volume of about 463,000 shares.

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