Dime preferreds eyed; Capital One ends below par; MetLife improves

By James McCandless

San Antonio, Jan. 29 – The preferred market saw improvements across the board with a focus on newer issues on Wednesday.

In primary market movement, Dime Community Bancshares, Inc. priced $65.2 million of $25-par series A fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 5.5%.

At the top of the secondary, Capital One Financial Corp.’s new $1.25 billion 4.8% series J fixed-rate non-cumulative perpetual preferred stock closed its first day under par.

The preferreds, trading under the temporary symbol “CPONZ,” closed at $24.92 on volume of about 10.7 million shares.

Its established 5% series I fixed-rate non-cumulative perpetual preferred stock was relatively active but unchanged.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped.

Sector peer Morgan Stanley’s 4.875% series L non-cumulative preferreds moved into a better position by the close.

Insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock continued to track higher, gaining 14 cents to close at $25.67 with about 774,000 shares trading.

Meanwhile, REIT UMH Properties, Inc.’s 6.375% series D cumulative redeemable preferred stock followed the market trend.

© 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.