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Morning Commentary: First Citizens sells preferreds; AT&T lower; Capital One falls
By James McCandless
San Antonio, March 6 – Preferred stocks took another dive early Friday as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 1.28%.
Coming down the primary pipeline, First Citizens BancShares, Inc. priced a $300 million offering of $25-par series A non-cumulative perpetual preferred stock at par with a dividend of 5.375% late Thursday.
There is a $45 million greenshoe.
Piper Sandler & Co., Raymond James & Associates, Inc. and UBS Investment Bank are the joint bookrunners.
The preferreds are redeemable on or after March 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
Leading the morning’s secondary decline, AT&T, Inc.’s 4.75% series C perpetual preferred stock was under pressure.
The preferreds (NYSE: TPrC) were down 16 cents to $24.72 on volume of about 137,000 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 falling.
The series J preferreds (NYSE: COFPrJ) were losing 17 cents to $24.72 with about 80,000 shares trading.
The series I preferreds (NYSE: COFPrI) were shaving off 14 cents to $25.30 with about 71,000 shares trading.
In communications, Qwest Corp.’s 6.5% notes due 2056 were sinking.
The notes (NYSE: CTBB) were shifting down 29 cents to $24.98 on volume of about 71,000 notes.
Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock followed the morning trend.
The preferreds (NYSE: METPrF) were declining by 23 cents to $25.00 with about 70,000 shares trading.
Asset manager Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds were also trailing.
The preferreds (NYSE: NLYPrI) were dipping 11 cents to $25.34 on volume of about 58,000 shares.
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