New York Mortgage, MFA sink; JPMorgan preferreds positive; AT&T jumps

By James McCandless

San Antonio, March 24 – By the end of the Tuesday session, the preferred market saw a significant boost with a few cracks showing.

Leading secondary trading, REIT New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred shares cratered $5.13 to close at $3.95 on volume of about 1 million shares.

Sector peer MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock also dived, losing $5.43 to close at $3.00 with about 692,000 shares trading.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG and 5.75% series DD non-cumulative preferred stocks both saw positivity.

The series GG preferreds picked up $1.10 to close at $20.85 on volume of about 876,000 shares.

The series DD preferreds added $1.60 to close at $24.13 on volume of about 776,000 shares.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were up $1.25 to close at $25.09 with about 764,000 shares trading.

Elsewhere, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock saw a boost of $2.08 to close at $18.05 on volume of about 719,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.