Morning Commentary: New Residential gains; Just Energy sinks; Legg Mason $25-pars down

By James McCandless

San Antonio, Aug. 21 – The preferred market started Wednesday activity with a positive slant as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.13%.

Leading early secondary trading volume, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was gaining.

The preferreds (NYSE: NRZPrB) were up 5 cents to $25.10 on volume of about 60,000 shares.

Sector peer Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were also on the rise.

The preferreds (NYSE: MNRPrC) were improving by 7 cents to $24.72 with about 39,000 shares trading.

Meanwhile, in utilities, Just Energy Group Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares were sinking early.

The preferreds (NYSE: JEPrA) were dropping $1.15 to $12.38 on volume of about 50,000 shares.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 opened on the negative side.

The notes (NYSE: LMHB) were declining by 1 cent to $25.72 with about 44,000 notes trading.

Elsewhere, insurance provider Aspen Insurance Holdings Ltd.’s 5.625% perpetual non-cumulative preferred shares were shifting upward.

The preferreds (NYSE: AHLPrE) were up 9 cents to $25.55 on volume of about 44,000 shares.

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