AT&T negative; Wells Fargo preferreds decline; AGNC pushed lower

By James McCandless

San Antonio, Feb. 24 – The preferred space opened the week with a haircut as markets grappled with the weekend’s coronavirus updates.

On top of the secondary, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock led the Monday negativity. The preferreds were down 15 cents to close at $25.00 on volume of about 1.6 million shares.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferred stock both saw declines.

The series Z preferreds gave back 13 cents to close at $25.37 with about 954,000 shares trading.

The series V preferreds dropped 13 cents to close at $25.94 with about 317,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares slipped 20 cents to close at $24.82 on volume of about 913,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds shaved off 20 cents to close at $27.54 with about 304,000 shares trading.

Elsewhere, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock were pushed lower. The preferreds shed 20 cents to close at $24.78 on volume of about 682,000 shares.

© 2015 Prospect News.
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