Preferreds soften; AGNC Investment gains; Wells Fargo mixed; Annaly Capital paper weakens

By Cristal Cody

Tupelo, Miss., Sept. 1 – Preferred stocks stayed modestly lower on Friday after opening soft with jobs data coming in weaker than expected.

The Labor Department reported non-farm payroll employment rose by 156,000 in August, which missed market forecasts of an 180,000 increase.

Market activity was thin with many market participants out ahead of the long weekend.

The U.S. iShares Preferred Stock ETF (NYSE: PFF) ended down 4 cents, or 0.11%, at $38.83 and was seen down 19 cents, or 0.51%, early in the day.

AGNC Investment Corp.’s $300 million of 7% series C fixed-to-floating rate cumulative redeemable preferred stock, which was admitted to the Nasdaq Global Select Market on Monday with the ticker symbol “AGNCN,” finished up a nickel at $25.12.

The deal priced Aug. 15 at the tight end of the 7% to 7.125% price talk.

Wells Fargo & Co.’s paper was mixed on Friday, a day after the company reported a review had found additional potentially unauthorized accounts.

Wells Fargo’s 5.625% class A series Y noncumulative preferreds (NYSE: WFCPrY) fell 3 cents to $25.94.

The company’s 8% series J class A noncumulative perpetual preferreds (NYSE: WFCPrJ) dropped 1 cent to close at $25.49.

Wells Fargo’s 5.7% series W non-cumulative perpetual preferred stock (NYSE: WFCPrW) closed up 1 cent at $26.16.

Elsewhere, Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating-rate cumulative redeemable preferred shares (NYSE: NLYPrF) closed 14 cents weaker at $25.09 on Friday.

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