Morning Commentary: Capital One pushes up; Annaly Capital boosted; New Residential gains

By James McCandless

San Antonio, April 6 – Kicking off a new week, the preferred space was lifted as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 2.07%.

Leading the early upward push in the secondary was Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock.

The preferreds (NYSE: COFPrJ) were up 50 cents to $17.64 on volume of about 116,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was following the prevailing trend.

The preferreds (NYSE: JPMPrD) were improving by 33 cents to $25.36 with about 73,000 shares trading.

Sector peer KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock was also improving.

The preferreds (NYSE: KEYPrJ) were gaining 30 cents to $23.19 on volume of about 70,000 shares.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were receiving a boost.

The preferreds (NYSE: NLYPrF) were jumping up $2.10 to $16.10 with about 108,000 shares trading.

Meanwhile, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock were strengthening.

The preferreds (NYSE: NRZPrB) were adding $1.74 to $10.23 on volume of about 88,000 shares.

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