AT&T preferreds decline; Capital One better; New Residential improves

By James McCandless

San Antonio, Feb. 21 – The end of the week in the preferred market saw trading skew negative, continuing the week’s overall direction.

Leading secondary activity, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock saw a decline.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock finished better.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were active but flat.

Elsewhere, REIT New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock saw positive movement.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock declined.

AT&T lower

Leading Friday’s secondary activity, telecom services company AT&T’s 4.75% series C perpetual preferred stock saw a decline.

The preferreds (NYSE: TPrC) were down 6 cents to close at $25.15 on volume of about 1.6 million shares.

On Thursday, the preferreds tacked on 3 cents.

Capital One up

Meanwhile, leading in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock finished the session in a better position.

The preferreds (NYSE: COFPrJ) gained 1 cent to close at $25.02 with about 961,000 shares trading.

On Thursday, the preferreds rose 7 cents.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds were relatively active but flat.

The preferreds (NYSE: WFCPrZ) went unchanged to close at $25.50 on volume of about 569,000 shares.

On Thursday, the preferreds shot up 15 cents.

New Residential gains

Elsewhere, real estate investment trust New Residential’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was positive at the end of the afternoon.

The preferreds (NYSE: NRZPrC) inched up 1 cent to close at $24.96 with about 542,000 shares trading.

On Thursday, the preferreds garnered 8 cents.

AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock declined as the session finished.

The preferreds (Nasdaq: AGNCP) lost 3 cents to close at $24.98 on volume of about 432,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week down by 0.26%, extending a 0.06% dip from early Friday trading.

The iShares US Preferred Stock ETF was down 11 cents to $38.05.

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