Capital One preferreds decline; AGNC Investment positive; Athene sees boost

By James McCandless

San Antonio, Oct. 7 – The preferred space started a new week with a negative shift, though top traders saw mixed activity.

Leading in the secondary, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock declined.

Elsewhere in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was also under pressure.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was active but ultimately unchanged.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds closed on the positive side.

Retirement services provider Athene Holding Ltd.’s 5.625% series B fixed-rate perpetual non-cumulative preference shares saw a boost.

Capital One declines

Leading activity in the secondary, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock declined.

The preferreds (NYSE: COFPrI) were down 9 cents to close at $24.84 on volume of about 674,000 shares.

On Friday, the preferreds picked up 11 cents.

Elsewhere in the finance space, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was also under pressure in Monday’s session.

The preferreds (NYSE: WFCPrQ) shaved off 10 cents to close at $26.54 with about 305,000 shares.

Sector peer Bank of America’s 5% series LL non-cumulative preferred stock was relatively active but rigid at the close.

The preferreds (NYSE: BACPrN) were level at $25.68 on volume of about 207,000 shares.

On Friday, the preferreds gained 5 cents.

AGNC positive

Elsewhere, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds closed the day on the positive side.

The preferreds (Nasdaq: AGNCO) added 1 cent to close at $25.12 with about 363,000 shares trading.

On Friday, the preferreds declined by 3 cents.

Athene gains

Retirement services provider Athene’s 5.625% series B fixed-rate perpetual non-cumulative preference shares saw a boost by the end of the day.

The preferreds (NYSE: ATHPrB) rose 12 cents to close at $25.95 on volume of about 320,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed negative by 0.09%, partially recovering from a 0.23% drop at the open.

The iShares US Preferred Stock ETF was down 3 cents to $37.26.

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