Selective Insurance drops; PNC Financial negative; AGNC preferreds rise

By James McCandless

San Antonio, Dec. 7 – Opening up a new week, the preferred market ended Monday on mixed results.

At the top of secondary activity, Selective Insurance Group, Inc.’s recent 4.6% series B non-cumulative preferreds were down 30 cents to close at $25.50 on volume of about 588,000 shares.

Meanwhile, in the finance space, PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds declined by 7 cents to close at $26.35 with about 241,000 shares trading.

Sector peer Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferreds were active but ended the session in the same place they began at $24.99 on volume of about 199,000 shares. Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferreds tacked on 4 cents to close at $25.34 with about 179,000 shares trading.

Elsewhere, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds spiked 28 cents to close at $23.83 on volume of about 172,000 shares.

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