Annaly Capital negative; Ally Financial preferreds lose; Two Harbors sinks

By James McCandless

San Antonio, April 3 – As the preferred space ended the week with negativity, top traders followed suit.

Leading the day’s secondary activity, Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock led the negativity.

Meanwhile, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended on a loss.

Elsewhere, real estate investment trust Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock sunk.

Sector peer New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds followed the trend.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock dipped.

Annaly Capital off

Leading the day’s secondary market activity, asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock led the session’s negativity.

The preferreds (NYSE: NLYPrF) were down $1.99 to close at $14.00 on volume of about 570,000 shares.

Ally Financial loses

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the day on a loss.

The preferreds (NYSE: ALLYPrA) shed 49 cents to close at $18.75 with about 558,000 shares trading.

On Thursday, the preferreds shot up 38 cents.

Two Harbors sinks

Elsewhere, real estate investment trust Two Harbors’ 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock sunk.

The preferreds (NYSE: TWOPrB) dived $3.25 to close at $10.94 on volume of about 530,000 shares.

News broke on Friday that the company has hired Lazard for strategic advice.

Sector peer New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds followed the prevailing trend.

The preferreds (NYSE: NRZPrB) gave up $3.51 to close at $8.49 with about 450,000 shares trading.

AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock dipped at the end of the afternoon.

The preferreds (Nasdaq: AGNCP) shaved off 5 cents to close at $17.99 on volume of about 375,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week down by 0.81%, adding onto the 0.32% loss from early Friday trading.

The iShares US Preferred Stock ETF was down 28 cents to $30.01.

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