Morning Commentary: Wells Fargo preferreds gain; Invesco climbs; New Residential better

By James McCandless

San Antonio, April 17 – The preferred market started Friday with early improvement as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.58%.

As the morning secondary activity kicked off, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was gaining.

The preferreds (NYSE: WFCPrZ) were up 9 cents to $22.91 on volume of about 51,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6.15% series BB non-cumulative preferred stock was relatively active but unchanged so far.

The preferreds (NYSE: JPMPrH) were holding level at $25.58 with about 50,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferred securities were gaining strength.

The preferreds (NYSE: ALLYPrA) were adding 27 cents to $21.27 on volume of about 36,000 shares.

Meanwhile, real estate investment trust Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds also began climbing.

The preferreds (NYSE: IVRPrC) were picking up 40 cents to $11.75 with about 43,000 shares trading.

New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock followed the early trend.

The preferreds (NYSE: NRZPrB) were rising 18 cents to $14.90 on volume of about 40,000 shares.

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