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Morning Commentary: New Residential climbs; Wells Fargo positive; AT&T $25-par notes up
By James McCandless
San Antonio, March 31 – Top traders in the preferred space were gaining ground as the overall market started sluggishly with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.08%.
Leading the morning’s activity, New Residential Investment Corp.’s 6.375% series C and 7.125% series B fixed-to-floating rate cumulative redeemable preferred stocks were both climbing.
The series C preferreds (NYSE: NRZPrC) were up $1.25 to $13.25 on volume of about 68,000 shares.
The series B preferreds (NYSE: NRZPrB) were gaining $1.61 to $13.75 on volume of about 63,000 shares.
On Tuesday, the company declared common stock and preferred stock dividends, including for the series B and series C preferreds.
Elsewhere in the REIT space, Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares were being lifted.
The preferreds (NYSE: PEIPrC) were adding $1.53 to $4.05 with about 62,000 shares trading.
The company announced a slate of measures to boost its liquidity position, including suspending its common stock dividend, amending its senior credit facilities to increase its borrowing capacity and reducing capital spending by $11 million.
Sector peer Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds were also receiving a boost.
The preferreds (NYSE: CIMPrB) were rising 89 cents to $15.75 on volume of about 54,000 shares.
Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock saw early positivity.
The preferreds (NYSE: WFCPrZ) were improving by 28 cents to $20.87 with about 59,000 shares trading.
Telecom company AT&T, Inc.’s 5.35% global notes due 2066 opened the session moving to higher ground.
The notes (NYSE: TBB) were picking up 4 cents to $25.06 on volume of about 50,000 notes.
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