Capital One preferreds push higher; Monmouth slips; AGNC moves up

By James McCandless

San Antonio, Nov. 4 – In the middle of the week, the preferred market trended towards positive territory.

Leading the secondary space Wednesday, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock pushed higher.

Also in the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock was seen improving.

Sector peer Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferred stock moved on a positive path.

REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds slipped by the end of the afternoon.

Elsewhere, AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock moved up.

Capital One higher

Leading the Wednesday secondary space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock pushed higher.

The preferreds (NYSE: COFPrJ) were up 10 cents to close at $24.94 on volume of about 557,000 shares.

Also in the finance space, Bank of America’s 4.375% series NN non-cumulative preferred stock was seen improving throughout the day.

The preferreds (NYSE: BACPrO) gained 14 cents to close at $25.04 with about 518,000 shares trading.

On Tuesday, the preferreds dropped 8 cents.

Sector peer Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferred stock moved on a positive path.

The preferreds (NYSE: MSPrF) tacked on 16 cents to close at $28.10 on volume of about 416,000 shares.

Monmouth slips

Real estate investment trust Monmouth’s 6.125% series C cumulative redeemable preferreds slipped to a lower position by the end of the afternoon.

The preferreds (NYSE: MNRPrC) shaved off 1 cent to close at $24.89 with about 301,000 shares trading.

Elsewhere, property name AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock moved up.

The preferreds (Nasdaq: AGNCO) picked up 1 cent to close at $22.00 on volume of about 252,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index jumped up 1.01% at the close.

The index lost 0.14% on Tuesday and gained 0.05% on Monday.

The iShares US Preferred Stock ETF was up 25 cents to $36.73.

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