Morning Commentary: AT&T preferreds down; American Homes weaker; Capital One declines

By James McCandless

San Antonio, March 5 – The preferred secondary started Thursday on the decline with the Wells Fargo Hybrid & Preferred Securities Financial index lower by 0.61%.

At the top of secondary trading, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock was being pushed downward.

The preferreds (NYSE: TPrC) were down 11 cents to $24.95 on volume of about 139,000 shares.

Meanwhile, real estate investment trust American Homes 4 Rent’s 6.5% series D cumulative perpetual preferred shares were also weakening.

The preferreds (NYSE: AMHPrD) were losing 9 cents to $26.26 with about 135,000 shares trading.

Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were sinking not long after the open.

The preferreds (NYSE: PEIPrC) were diving 53 cents to $11.07 on volume of about 53,000 shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the morning’s trend.

The preferreds (NYSE: COFPrJ) were declining by 11 cents to $24.88 with about 83,000 shares trading.

Shipping name GasLog Partners LP’s 8.5% series C fixed-to-floating rate cumulative redeemable preference units started the session with a small gain.

The preferreds (NYSE: GLOPPrC) were adding 1 cent to $21.56 on volume of about 65,000 shares.

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