Morning Commentary: Capital One preferred shares gain; AT&T boosted; GasLog climbs

By James McCandless

San Antonio, April 14 – At the Tuesday open, the preferred space was on a positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 1.11%.

As the morning kicked off, Capital One Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were both leading the gain.

The series I preferreds (NYSE: COFPrI) were up 34 cents to $22.50 on volume of about 108,000 shares.

The series J preferreds (NYSE: COFPrJ) were rising 51 cents to $21.00 on volume of about 46,000 shares.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities followed the trend.

The preferreds (NYSE: ALLYPrA) were shifting up 74 cents to $22.04 with about 85,000 shares trading.

Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was also improving.

The preferreds (NYSE: WFCPrQ) were adding 38 cents to $24.94 on volume of about 69,000 shares.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock started the session with a boost.

The preferreds (NYSE: TPrC) were picking up 47 cents to $22.64 with about 46,000 shares trading.

Meanwhile, in the energy sector, GasLog Partners LP’s 8.625% series A fixed-to-floating rate cumulative redeemable perpetual preference units were climbing.

The preferreds (NYSE: GLOPPrA) were shooting up 80 cents to $15.39 on volume of about 39,000 shares.

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