Morning Commentary: Preferreds continue positive streak; Invesco, Wells Fargo, Annaly gain

By Cristal Cody

Tupelo, Miss., Oct. 13 – Preferred stocks continued a positive streak in the secondary market seen all week and opened mostly stronger on Friday.

The Wells Fargo Hybrid and Preferred Securities index was up 17 basis points.

The U.S. iShares Preferred Stock ETF gained 16 bps at the start of the day.

Invesco Mortgage Capital Inc.’s 7.5% series C cumulative redeemable preferred shares (NYSE: IVRPrC) were up a nickel at $25.17 over the morning.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferreds (NYSE: WFCPrJ) traded up 2 cents early in the session to $25.50.

Also in early trading on Friday, Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) were up 7 cents to $26.09.

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