Morning Commentary: AT&T preferreds lower; Capital One trails; American Finance up

By James McCandless

San Antonio, Jan. 6 – Top traders in the preferred space were mixed against the backdrop of a modest decline overall with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.03%.

Leading the volume this morning, telecom company AT&T Inc.’s 5% series A perpetual preferred stock was under pressure.

The preferreds (NYSE: TPrA) were down 11 cents to $26.22 on volume of about 74,000 shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was also trailing.

The preferreds (NYSE: COFPrI) were losing 4 cents to $25.25 with about 49,000 shares trading.

Real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds started with a small gain.

The preferreds (Nasdaq: AFINP) were improving by 2 cents to $25.09 on volume of about 46,000 shares.

Sector peer Public Storage’s 4.7% series J cumulative preferred shares began the session on the positive side.

The preferreds (NYSE: PSAPrJ) were inching up 1 cent to $25.94 with about 33,000 shares trading.

Elsewhere, in utilities, Southern Co.’s 6.25% series 2015A subordinated notes due 2075 were falling.

The notes (NYSE: SOJA) were diving 14 cents to $26.39 on volume of about 45,000 notes.

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