AGNC preferreds drop; Capital One negative; AT&T slides

By James McCandless

San Antonio, April 1 – As the preferred market saw the close on Wednesday, declines were seen across the board amid continued market turmoil.

Leading secondary activity, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock dropped.

Elsewhere, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was negative.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock weakened.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also under water by the end of the session.

Telecom company AT&T, Inc.’s 4.75% series C perpetual preferreds slid as the afternoon came to a close.

AGNC drops

Leading secondary market activity, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock dropped.

The preferreds (Nasdaq: AGNCP) were down 86 cents to close at $16.89 on volume of about 803,000 shares.

After the close on Tuesday, the company said that despite recent market turmoil, its leverage and liquidity are back to “recent norms.”

Capital One off

Elsewhere, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock was negative.

The preferreds (NYSE: COFPrI) declined by $1.07 to close at $18.98 with about 561,000 shares trading.

On Tuesday, the preferreds rose 4 cents.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock weakened.

The preferreds (NYSE: WFCPrZ) trailed by 42 cents to close at $20.58 on volume of about 545,000 shares.

JPMorgan’s 5.75% series DD non-cumulative preferred stock was also under water by the end of the Wednesday session.

The preferreds (NYSE: JPMPrD) dipped 43 cents to close at $24.92 with about 521,000 shares trading.

On Tuesday, the preferreds gained 25 cents.

AT&T slides

Telecom company AT&T’s 4.75% series C perpetual preferreds slid as the afternoon came to a close.

The preferreds (NYSE: TPrC) lost 50 cents to close at $20.70 on volume of about 432,000 shares.

On Tuesday, the preferreds garnered 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day down by 2.92%, adding to a 2.36% drop from early Wednesday trading.

The iShares US Preferred Stock ETF was down $1.57 to $30.10.

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