Morning Commentary: AT&T preferreds fall; Capital One weaker; AGNC Investment negative

By James McCandless

San Antonio, Feb. 27 – The preferred space saw a steep drop early on with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.59%.

Leading the market’s declines, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was falling.

The preferreds (NYSE: TPrC) were down 23 cents to $24.76 on volume of about 203,000 shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks were both weakening.

The series J preferreds (NYSE: COFPrJ) were losing 26 cents to $24.43 with about 192,000 shares trading.

The series I preferreds (NYSE: COFPrI) were trailing 7 cents to $24.91 with about 124,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferreds followed the market trend.

The preferreds (NYSE: WFCPrZ) were dipping 15 cents to $24.94 on volume of about 149,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was also under water.

The preferreds (Nasdaq: AGNCP) were sliding 17 cents to $24.58 with about 167,000 shares trading.

Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred shares were sinking as the day began.

The preferreds (NYSE: METPrF) were diving 39 cents to $24.89 on volume of about 117,000 shares.

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