Morning Commentary: New Residential preferreds fall; Capital One trails; AT&T weaker

By James McCandless

San Antonio, April 16 – More data showing the economic toll of the coronavirus served as the backdrop for the downward trend in preferreds, with the Wells Fargo Hybrid & Preferred Securities Financial index opening down by 0.50%.

Leading the negative push, real estate investment trust New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was falling.

The preferreds (NYSE: NRZPrC) were down 89 cents to $13.00 on volume of about 51,000 shares.

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

The preferreds (NYSE: COFPrI) were declining by 27 cents to $21.79 with about 47,000 shares trading.

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

The preferreds (NYSE: WFCPrZ) were shaving off 4 cents to $22.94 on volume of about 45,000 shares.

Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferred securities followed the trend.

The preferreds (NYSE: ALLYPrA) were dipping 12 cents to $21.12 with about 42,000 shares trading.

Meanwhile, telecom services company AT&T Inc.’s 4.75% series C perpetual preferred stock started the morning weaker.

The preferreds (NYSE: TPrC) were losing 1 cent to $22.86 on volume of about 36,000 shares.

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