AGNC preferreds move higher; Chimera jumps; JPMorgan declines

By James McCandless

San Antonio, March 27 – Despite posting gains for most of the week, the preferred space saw an overall decline on Friday as top traders diverged.

Closing the week on top, AGNC Investment Corp.’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock moved higher.

Elsewhere in the REIT space, Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock jumped.

Meanwhile, finance name JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock declined.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also sunk.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were under water by the end of the session.

AGNC higher

Closing the week on top of the secondary market, real estate investment trust AGNC’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock moved higher.

The series F preferreds (Nasdaq: AGNCP) were up $1.19 to close at $20.25 on volume of about 677,000 shares.

On Thursday, the preferreds picked up $1.79.

The series E preferreds (Nasdaq: AGNCO) rose 49 cents to close at $20.55 on volume of about 638,000 shares.

Elsewhere in the REIT space, Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock jumped.

The preferreds (NYSE: CIMPrB) shot up $2.49 to close at $17.50 with about 361,000 shares trading.

JPMorgan lower

Meanwhile, finance name JPMorgan’s 5.75% series DD non-cumulative preferred stock finished the afternoon with a decline.

The preferreds (NYSE: JPMPrD) dropped 44 cents to close at $24.86 on volume of about 661,000 shares.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also sunk to lower levels.

The preferreds (NYSE: ALLYPrA) fell $2.00 to close at $20.84 with about 554,000 shares trading.

Citigroup’s 7.875% fixed-to-floating rate trust preferred securities were under water by then end of the session.

The preferreds (NYSE: CPrN) were pushed down 58 cents to close at $25.55 on volume of about 463,000 shares.

On Thursday, the preferreds moved up 12 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week down by 2.25%, improving slightly from a 2.74% dip from early Friday trading.

The iShares US Preferred Stock ETF was down 91 cents to $31.47.

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