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Morning Commentary: Armour preferreds under par; MetLife weaker; Wells Fargo negative
By James McCandless
San Antonio, Jan. 24 – As the preferred market pushed toward the end of the week, the Wells Fargo Hybrid & Preferred Securities Financial index started with a 0.01% dip.
Leading secondary trading at the open, Wells Fargo & Co.’s recent 4.75% series Z non-cumulative perpetual class A preferred stock was under pressure.
The preferreds trading under the temporary symbol “WFCZL,” were down 1 cent to $25.22 on volume of about 557,000 shares.
Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s new $75 million 7% series C perpetual cumulative redeemable preferred stock was seen moving just shy of par on its first day.
The preferreds, trading under the temporary symbol “ARMRP,” were spotted at $24.98 with about 148,000 shares trading.
Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were crashing at the beginning of the day.
The preferreds (NYSE: PEIPrC) plunged $1.20 to $16.29 in intraday trading on volume of about 121,000 shares.
Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was weaker in early Friday activity.
The preferreds (NYSE: METPrF) were off 1 cent to $25.60 with about 138,000 shares trading.
Natural gas shipping name GasLog Partners LP’s 8.2% series B and 8.625% series A fixed-to-floating rate cumulative redeemable perpetual preference units were both sinking.
The series B preferreds (NYSE: GLOPPrB) were falling 59 cents to $23.83 on volume of about 52,000 shares.
The series A preferreds (NYSE: GLOPPrA) were declining by 41 cents to $24.86 on volume of about 43,000 shares.
The company received a downgrade from analysts at Evercore ISI on Thursday, citing weaknesses in its balance sheet, the likelihood of distribution cuts and a negative outlook on the liquefied natural gas shipping space.
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