AT&T preferreds positive; Capital One lifted; MFA Financial gains

By James McCandless

San Antonio, March 3 – The preferred market was split with losses and gains on Tuesday in reaction to the Federal Reserve’s decision to give a half percent haircut to interest rates.

Remaining most active in the secondary, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock saw positivity. The preferreds were up 28 cents to close at $24.96 on volume of about 1 million shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds improved by 26 cents to close at $24.85 with about 862,000 shares trading.

Sector peer Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds dropped 34 cents to close at $27.01 on volume of about 542,000 shares.

REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds tacked on 20 cents to close at $24.54 with about 611,000 shares trading.

Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferreds were down 35 cents to close at $25.15 on volume of about 607,000 shares.

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