AGNC, Urstadt Biddle close under par; Capital One higher; Bank of America sees boost

By James McCandless

San Antonio, Sept. 27 – New issues took over volume in the preferred space on Friday as other top traders saw positivity.

Leading trading, REIT AGNC Investment Corp.’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were seen closing at $24.91 on volume of about 6.1 million shares.

Sector peer Urstadt Biddle Properties Inc.’s new $100 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock also ended under par, ending at $24.81 on volume of about 970,000 shares.

Elsewhere, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock added 6 cents to close at $24.96 on volume of about 2.1 million shares.

Bank of America Corp., another finance name, saw its 5% series LL non-cumulative preferred stock receive a boost. The preferreds jumped up 28 cents to close at $25.64 with about 927,000 shares trading.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds picked up 6 cents to close at $26.74 on volume of about 609,000 shares.

© 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.