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Morning Commentary: Ladenburg preferreds under pressure; AT&T lower; AGNC improves
By James McCandless
San Antonio, Feb. 18 – The holiday-shortened week in the preferred market began with a modest rise on Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index edged up 0.03%, though top-volume traders varied.
Leading the morning’s activity, Ladenburg Thalmann Financial Services, Inc.’s 8% series A cumulative redeemable preferred stock were under pressure early.
The preferreds (NYSE: LTSPrA) were down 3 cents to $24.97 on volume of about 152,000 shares.
The company announced late Friday that the it intends to delist the series A preferreds as part of its merger with Advisor Group.
Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock started with a push upward.
The preferreds (NYSE: COFPrJ) were adding 2 cents to $25.00 with about 89,000 shares trading.
Telecom company AT&T, Inc.’s new 4.75% series C perpetual preferred stock was trending negatively.
The preferreds, trading under the temporary symbol “ATTXL,” were off 1 cent to $25.19 on volume of about 148,000 shares.
Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were improving.
The preferreds (Nasdaq: AGNCP) were adding 6 cents to $24.95 with about 111,000 shares trading.
Shipping name Seaspan Corp.’s 7.875% series H cumulative redeemable perpetual preferred stock was sinking.
The preferreds (NYSE: SSWPrH) were falling 26 cents to $25.53 on volume of about 69,000 shares.
As part of an already announced reorganization, the company announced plans on Friday to delist nine securities, including the series H preferreds.
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