AGNC preferreds boosted; Wells Fargo active, unchanged; AT&T varies

By James McCandless

San Antonio, July 15 – As the week reached its midpoint, the preferred market was largely positive.

Leading Wednesday’s secondary trading, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were up 32 cents to close at $21.40 on volume of about 370,000 shares.

Sector peer Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares shot up 41 cents to close at $7.11 with about 151,000 shares trading.

Meanwhile, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were seen closing level at $24.50 on volume of about 328,000 shares.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock and its series B floating rate non-cumulative perpetual preferred stock were both carried higher.

The series K preferreds rose 5 cents to close at $26.69 with about 267,000 shares trading.

The series B preferreds improved by 18 cents to close at $19.99 with about 259,000 shares trading.

Elsewhere, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock held level while its 5% series A cumulative perpetual preferred stock added 8 cents to close at $25.48 on volume of about 152,000 shares.

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