AGNC preferreds boosted; Wells Fargo active, unchanged; AT&T varies

By James McCandless

San Antonio, July 15 – As the week reached its midpoint, the preferred market was largely positive.

Leading Wednesday’s secondary trading, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was boosted.

Sector peer Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares jumped, following the trend.

Meanwhile, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but unchanged.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock and its series B floating rate non-cumulative perpetual preferred stock were both carried higher.

Elsewhere, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock held level while its 5% series A cumulative perpetual preferred stock improved.

AGNC boosted

Leading the session’s secondary trading, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was boosted.

The preferreds (Nasdaq: AGNCP) were up 32 cents to close at $21.40 on volume of about 370,000 shares.

Sector peer Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares jumped, following the overarching trend.

The preferreds (NYSE:PEIPrC) shot up 41 cents to close at $7.11 with about 151,000 shares trading.

Wells Fargo active, flat

Meanwhile, in the finance space, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but unchanged by the end of the afternoon.

The preferreds (NYSE: WFCPrQ) were seen closing level at $24.50 on volume of about 328,000 shares.

On Tuesday, the preferreds shaved off 17 cents.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock and its series B floating rate non-cumulative perpetual preferred stock were both carried higher by the positive wave.

The series K preferreds (NYSE: USBPrP) rose 5 cents to close at $26.69 with about 267,000 shares trading.

The series B preferreds (NYSE: USBPrH) improved by 18 cents to close at $19.99 with about 259,000 shares trading.

On Tuesday, the preferreds shed 14 cents.

AT&T varies

Elsewhere, telecom giant AT&T’s 4.75% series C perpetual preferred stock closed on level footing while its 5% series A cumulative perpetual preferred stock improved.

The series C preferreds (NYSE: TPrC) closed level at $24.00 on volume of about 303,000 shares.

On Tuesday, the preferreds shed 23 cents.

The series A preferreds (NYSE: TPrA) added 8 cents to close at $25.48 on volume of about 152,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.63%, leaping over a 0.28% gain in early Wednesday trading.

The iShares US Preferred Stock ETF was up 27 cents to $34.97.

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