AGNC sees boost; JPMorgan preferreds gain; AT&T improves

By James McCandless

San Antonio, April 2 – The preferred market lacked the cohesion that has sent it up or down in recent weeks, though top traders trended upward on Thursday.

Spending a second day atop the secondary, REIT AGNC Investment Corp.’s 6.5% series E and 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were up 85 cents to close at $18.20 on volume of about 765,000 shares trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stocks gained.

The series DD preferreds picked up 16 cents to close at $25.08 with about 445,000 shares trading.

The series EE preferreds added 9 cents to close at $25.81 with about 394,000 shares trading.

Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds shaved off 6 cents to close at $17.47 on volume of about 381,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities shot up 38 cents to close at $19.24 with about 369,000 shares trading.

Meanwhile, telecom name AT&T, Inc.’s 4.75% series C perpetual preferreds rose 24 cents to close at $20.94 on volume of about 365,000 shares.

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