Morning Commentary: Wells Fargo, AT&T, AGNC preferred shares head lower; JPMorgan up

By James McCandless

San Antonio, March 2 – Top traders in the preferred space did not immediately follow the preferred market’s overall rebound from last week’s losses as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.52%.

Leading secondary trading volume so far, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was sluggish to catch up to the overall trend.

The preferreds (NYSE: WFCPrZ) were down 7 cents to $24.42 on volume of about 126,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was shooting higher.

The preferreds (NYSE: JPMPrC) were rising 19 cents to $26.93 with about 98,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were weaker.

The preferreds (NYSE: COFPrJ) were off by 1 cent to $24.28 on volume of about 97,000 shares.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock opened the day trailing.

The preferreds (NYSE: TPrC) were losing 10 cents to $24.29 with about 119,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was seen moving downward.

The preferreds (Nasdaq: AGNCP) were falling 23 cents to $24.01 on volume of about 107,000 shares.

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