Morning Commentary: B. Riley preferreds on tap; Farmer Mac higher; Capital One rises

By James McCandless

San Antonio, Sept. 1 – The Tuesday session in the preferred market started with gains as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.31%.

In primary activity, B. Riley Financial, Inc. plans to price an offering of $25-par series B cumulative perpetual preferred stock.

B. Riley Securities, Inc., Incapital LLC, Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC are the bookrunners.

The preferreds are redeemable after five years at par. Prior to that, the preferreds are redeemable within 90 days after a delisting event or within 120 days after a change of control at par.

Leading the morning’s secondary space, Federal Agricultural Mortgage Corp.’s 5.25% series F non-cumulative preferred stock was pushing higher.

The preferreds (NYSE: AGMPrF) were up 14 cents to $25.71 on volume of about 49,000 shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was on the rise.

The preferreds (NYSE: COFPrJ) were gaining 14 cents to $24.41 with about 38,000 shares trading.

Sector peer Citigroup, Inc.’s 6.3% series S non-cumulative preferred stock was being lifted.

The preferreds (NYSE: CPrS) were improving by 7 cents to $25.80 on volume of about 35,000 shares.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were also following the prevailing trend.

The preferreds (NYSE: WFCPrZ) were picking up 5 cents to $24.84 with about 34,000 shares trading.

Elsewhere, real estate investment trust Public Storage’s 5.05% series G cumulative preferred shares started on the positive side.

The preferreds (NYSE: PSAPrG) were tacking on 3 cents to $26.38 on volume of about 31,000 shares.

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