New York Mortgage, MFA sink; JPMorgan preferreds positive; AT&T jumps

By James McCandless

San Antonio, March 24 – By the end of the Tuesday session, the preferred market saw a significant boost with a few cracks showing.

Leading secondary trading, REIT New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock sunk.

Sector peer MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock also dived.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG and 5.75% series DD non-cumulative preferred stocks both saw positivity.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities moved to higher ground at the end of the day.

Elsewhere, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock jumped upward.

NY Mortgage down

Leading Tuesday secondary trading, New York Mortgage’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock sunk.

The preferreds (Nasdaq: NYMTM) cratered $5.13 to close at $3.95 on volume of about 1 million shares.

The company announced late Monday that it is engaging in discussions with its financing counterparties regarding entering into a forbearance agreement, Prospect News reported.

Concurrently, the name said that it would suspend quarterly dividends on its preferred and common stock.

Sector peer MFA Financial’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock also dived as the session came to a close.

The preferreds (NYSE: MFAPrC) dropped $5.43 to close at $3.00 with about 692,000 shares trading.

The company also said that it was in talks with its financiers to potentially enter into a forbearance agreement.

JPMorgan gains

Meanwhile, in the finance space, JPMorgan’s 4.75% series GG and 5.75% series DD non-cumulative preferred stocks both saw the positivity that marked the rest of the market.

The series GG preferreds (NYSE: JPMPrJ) picked up $1.10 to close at $20.85 on volume of about 876,000 shares.

On Monday, the preferreds slid $1.33.

The series DD preferreds (NYSE: JPMPrD) added $1.60 to close at $24.13 on volume of about 776,000 shares.

Citigroup’s 7.875% fixed-to-floating rate trust preferred securities moved to higher ground at the end of the day.

The preferreds (NYSE: CPrN) were up $1.25 to close at $25.09 with about 764,000 shares trading.

AT&T jumps

Elsewhere, telecom name AT&T’s 4.75% series C perpetual preferred stock jumped upward.

The preferreds (NYSE: TPrC) saw a boost of $2.08 to close at $18.05 on volume of about 719,000 shares.

On Monday, the preferreds fell $1.89.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day better by 9.73%, adding onto the 7.6% improvement from early Tuesday trading.

The iShares US Preferred Stock ETF was up $2.08 to $28.29.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.