AT&T preferreds decline; Capital One better; New Residential improves

By James McCandless

San Antonio, Feb. 21 – The end of the week in the preferred market saw trading skew negative, continuing the week’s overall direction.

Leading secondary activity, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred shares were down 6 cents to close at $25.15 on volume of about 1.6 million shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock rose 1 cent to close at $25.02 with about 961,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were active but flat. The preferreds went unchanged to close at $25.50 on volume of about 569,000 shares.

Elsewhere, REIT New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock saw positive movement, inching up 1 cent to close at $24.96 with about 542,000 shares trading.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock declined. The preferreds lost 3 cents to close at $24.98 on volume of about 432,000 shares.

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