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Morning Commentary: Investview details offer; Ally Financial declines; MFA higher
By James McCandless
San Antonio, April 13 – The preferred stock market started a new week giving back some recent gains as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 1.97%.
In primary rumblings, Investview, Inc. offered more details on its offering of $50 million $25-par cumulative perpetual preferred stock with a dividend of 13%.
The original offering was announced on Dec. 30, 2019.
Capital Engine was selected as the bookrunner.
Leading early secondary trading, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities were declining.
The preferreds (NYSE: ALLYPrA) were down $1.54 to $20.55 on volume of about 169,000 shares.
Elsewhere in the finance space, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock was also losing ground.
The preferreds (NYSE: CFGPrE) were dipping 10 cents to $22.92 with about 55,000 shares trading.
Real estate investment trust MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds were pushing higher.
The preferreds (NYSE: MFAPrC) were gaining $1.14 to $13.64 on volume of about 102,000 shares.
Sector peer New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock was also being lifted.
The preferreds (Nasdaq: NYMTM) were picking up 43 cents to $15.96 with about 51,000 shares trading.
Meanwhile, in oil and gas, NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were seen rising.
The preferreds (NYSE: NGLPrB) were improving by 9 cents to $8.89 on volume of about 57,000 shares.
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