Morning Commentary: Ally Financial preferreds down; Annaly declines; PennyMac dives

By James McCandless

San Antonio, March 23 – The week in the preferred space opened with a downward shift as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 4.29%.

At the top of the secondary, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under pressure.

The preferreds (NYSE: ALLYPrA) were down 58 cents to $16.50 on volume of about 185,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was also falling.

The preferreds (NYSE: BACPrN) were losing 64 cents to $19.45 with about 162,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds were following the early trend.

The preferreds (NYSE: JPMPrJ) were dipping 57 cents to $20.51 on volume of about 152,000 shares.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was in decline as the morning started.

The preferreds (NYSE: NLYPrF) were falling 58 cents to $16.36 with about 177,000 shares trading.

Meanwhile, mortgage investor PennyMac Mortgage Investment Trust’s 8.125% series A fixed-to-floating rate cumulative redeemable preferred shares were seeing a dive.

The preferreds (NYSE: PMTPrA) were declining by $1.40 to $13.49 on volume of about 118,000 shares.

© 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.