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Morning Commentary: Armada Hoffler dives; Truist preferreds higher; Legg Mason weakens
By James McCandless
San Antonio, Aug. 3 – The preferred space opened the week with gains with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.
Top-volume traders in early action, however, were mixed.
Leading the early Monday secondary activity, real estate investment trust Armada Hoffler Properties, Inc.’s 6.75% series A cumulative redeemable perpetual preferred stock was diving.
The preferreds (NYSE: AHHPrA) were down 59 cents to $26.89 on volume of about 439,000 shares.
Meanwhile, in the finance space, Truist Financial Corp.’s new 4.75% series R non-cumulative perpetual preferred stock was pushing higher.
The preferreds, trading under the temporary symbol “TSTFL,” were adding 7 cents to $25.27 with about 197,000 shares trading.
Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds and its 4.75% series Z non-cumulative perpetual class A preferred stock were both seen making early improvements.
The series Q preferreds (NYSE: WFCPrQ) were tacking on 3 cents to $25.26 on volume of about 120,000 shares.
The series Z preferreds (NYSE: WFCPrZ) were gaining 16 cents to $24.56 on volume of about 90,000 shares.
Capital One Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were both gaining ground.
The series I preferreds (NYSE: COFPrI) were rising 4 cents to $25.02 with about 47,000 shares trading.
The series J preferreds (NYSE: COFPrJ) were moving up 5 cents to $23.60 with about 44,000 shares trading.
Elsewhere, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were weakening.
The notes (NYSE: LMHB) were declining by 66 cents to $25.15 on volume of about 109,000 notes.
On Monday morning, the company announced that after a completed merger with Alpha Sub, it would delist its junior subordinated notes from the New York Stock Exchange on Aug. 20.
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