Morning Commentary: Regions preferreds higher; Pennsylvania REIT better; AGNC rises

By James McCandless

San Antonio, Oct. 1 – The preferred space headed into the back half of the week making an upward push as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.36%.

Leading the secondary space, Regions Financial Corp.’s 6.375% series B fixed-to-floating rate non-cumulative perpetual preferred stock was shooting higher.

The preferreds (NYSE: RFPrB) were up 40 cents to $28.10 on volume of about 100,000 shares.

Elsewhere in the finance space, First Midwest Bancorp, Inc.’s 7% series C fixed-rate non-cumulative perpetual preferreds were declining, going against the early trend.

The preferreds (Nasdaq: FMBIO) were diving 41 cents to $27.07 with about 37,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was seeing positivity.

The preferreds (NYSE: COFPrI) were gaining 8 cents to $25.16 on volume of about 33,000 shares.

Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares were being pushed to a better position.

The preferreds (NYSE: PEIPrC) were picking up 35 cents to $4.90 with about 39,000 shares trading.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was moving along an upward trend as the day kicked off.

The preferreds (Nasdaq: AGNCP) were tacking on 1 cent to $22.13 on volume of about 30,000 shares.

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