Morning Commentary: Voya Financial higher; Goldman preferreds better; Annaly dips lower

By James McCandless

San Antonio, July 2 – The preferred space opened Tuesday on an upward trend as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.09%.

At the start of trading, employee benefits name Voya Financial, Inc.’s 5.35% series B fixed-rate reset non-cumulative preferred stock led the market higher.

The preferreds (NYSE: VOYAPrB) were up 9 cents to $25.37 on volume of about 894,000 shares.

Elsewhere, in the finance space, Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were also performing better early.

The preferreds (NYSE: GSPrD) gained 4 cents to $26.07 with about 341,000 shares trading.

Sector peer U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds were following the morning’s trend.

The preferreds (NYSE: USBPrM) added 2 cents to $26.90 on volume of about 32,000 shares.

Meanwhile, Annaly Capital Management, Inc.’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was declining, going against the early trend.

The preferreds (NYSE: NLYPrI) were down 3 cents to $25.00 with about 156,000 shares trading.

Insurance provider Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferred stock started the session positively.

The preferreds (NYSE: HIGPrG) were better by 3 cents to $26.78 on volume of about 136,000 shares.

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