Capital One preferreds shoot higher; AT&T better; MFA Financial improves

By James McCandless

San Antonio, March 10 – The end of Tuesday in the preferred market was marked by a recovery of much of Monday’s losses.

Leading secondary trading, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares were up 42 cents to close at $24.27 on volume of about 676,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also finished on better ground, gaining 10 cents to close at $25.13 with about 561,000 shares trading.

Sector peer Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds joined the prevailing trend, finishing the session up 30 cents to close at $26.80 on volume of about 500,000 shares.

Telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock ended the session on better footing, improving by 32 cents to close at $24.30 with about 665,000 shares trading.

Meanwhile, REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock improved, picking up 24 cents to close at $24.36 on volume of about 543,000 shares.

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