Morning Commentary: Annaly Capital rises; State Street positive; Athene trends upward

By James McCandless

San Antonio, July 1 – As the new week started in the preferred market, movement was positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.17%.

Leading early activity, asset manager Annaly Capital Management, Inc.’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was rising.

The preferreds (NYSE: NLYPrI) were up 8 cents to $24.99 on volume of about 117,000 shares.

Meanwhile, in the finance space, State Street Corp.’s 5.9% series D fixed-to-floating rate non-cumulative preferred stock was also improving.

The preferreds (NYSE: STTPrD) were gaining 16 cents to $26.56 with about 93,000 shares trading.

Sector peer Bank of America Corp.’s 6.5% series Y non-cumulative preferreds opened the session with a slight dip.

The preferreds (NYSE: BACPrY) were lower by 2 cents to $25.50 on volume of about 87,000 shares.

Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferred stock was also negative.

The preferreds (NYSE: WFCPrX) were down 4 cents to $25.36 with about 68,000 shares trading.

Elsewhere, retirement services name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were trending higher.

The preferreds (NYSE: ATHPrA) were better by 3 cents to $26.43 on volume of about 72,000 shares.

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