MFA Financial under par; AT&T preferreds better; Wells Fargo negative

By James McCandless

San Antonio, Feb. 26 – The preferred market saw minute gains in the mid-week session, with newer issues dominating.

Leading the day’s volume, REIT MFA Financial, Inc.’s new $275 million 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock closed under par. The preferreds closed at $24.65 on volume of about 3.5 million shares.

Elsewhere, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock was lifted to a better position by the end of the day. The preferreds picked up 7 cents to close at $24.99 with about 1.4 million shares trading.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds lost 1 cent to close at $25.25 on volume of about 1.3 million shares.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock jumped up 16 cents to close at $27.29 with about 790,000 shares trading.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares declined by 1 cent to close at $24.69 on volume of about 697,000 shares.

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