PNC Financial preferreds gain; AGNC under water; AT&T lifted

By James McCandless

San Antonio, April 15 – As the preferred space hit the middle of the week, top traders were trending upward against an overall decline on Wednesday.

In first place in secondary trading, PNC Financial Services Group’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds were up 15 cents to close at $26.14 on volume of about 1.1 million shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds tracked higher.

The series Z preferreds rose 3 cents to close at $22.98 with about 547,000 shares trading.

The series Q preferreds added 10 cents to close at $25.12 with about 342,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds declined by 81 cents to close at $21.24 on volume of about 436,000 shares.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds lost 82 cents to close at $19.96 with about 389,000 shares trading.

Meanwhile, telecom name AT&T Inc.’s 4.75% series C perpetual preferreds gained 26 cents to close at $22.87 on volume of about 273,000 shares trading.

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