PNC Financial preferreds gain; AGNC under water; AT&T lifted

By James McCandless

San Antonio, April 15 – As the preferred space hit the middle of the week, top traders were trending upward against an overall decline on Wednesday.

In first place in secondary trading, PNC Financial Services Group’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock gained.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds tracked higher.

Sector peer Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferred securities ended the session with a drop.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was under water.

Meanwhile, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock was lifted by the end of the afternoon.

PNC gains

In first place in Wednesday’s secondary trading, PNC Financial’s .125% series P fixed-to-floating rate non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: PNCPrP) were up 15 cents to close at $26.14 on volume of about 1.1 million shares.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds both tracked higher.

The series Z preferreds (NYSE: WFCPrZ) rose 3 cents to close at $22.98 with about 547,000 shares trading.

The series Q preferreds (NYSE: WFCPrQ) added 10 cents to close at $25.12 with about 342,000 shares trading.

On Tuesday, the preferreds shot up 46 cents.

Sector peer Ally Financial’s 8.125% series A fixed-to-floating rate trust preferreds securities ended the session with a drop, going against the market trend.

The preferreds (NYSE: ALLYPrA) declined by 81 cents to close at $21.24 on volume of about 436,000 shares.

On Tuesday, the preferreds gained 75 cents.

AGNC lower

Real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was under water throughout the day’s activity.

The preferreds (Nasdaq: AGNCO) lost 82 cents to close at $19.96 with about 389,000 shares trading.

On Tuesday, the preferreds trailed by 11 cents.

AT&T lifted

Meanwhile, telecom name AT&T’s 4.75% series C perpetual preferred stock was lifted by the end of the afternoon.

The preferreds (NYSE: TPrC) garnered 26 cents to close at $22.87 on volume of about 273,000 shares trading.

On Tuesday, the preferreds picked up 44 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished down by 0.16%, rising from a 1.30% fall from early Wednesday trading.

The iShares US Preferred Stock ETF was down 33 cents to $33.50.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.