Morning Commentary: Wells Fargo gains; AGNC preferreds fall; Armour Residential better

By James McCandless

San Antonio, Feb. 4 – As the preferred market started Tuesday, positivity spread with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.02%.

A perennial leader in secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was seen gaining.

The preferreds (NYSE: WFCPrZ) were up 4 cents to $25.20 on volume of about 152,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock was active but unmoved so far.

The preferreds, trading under the temporary symbol “CPONZ,” were level at $24.83 with about 136,000 shares trading.

Sector peer Morgan Stanley’s 5.85% series K and 6.375% series I fixed-to-floating rate non-cumulative preferred stock were both improving as the morning started.

The series K preferreds (NYSE: MSPrK) were adding 5 cents to $28.95 on volume of about 96,000 shares.

The series I preferreds (NYSE: MSPrI) were picking up 6 cents to $29.05 on volume of about 45,000 shares.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were falling.

The preferreds (Nasdaq: AGNCO) were declining by 15 cents to $25.95 with about 53,000 shares trading.

Armour Residential REIT, Inc.’s 7% series C cumulative redeemable preferred stock was following the overall market trend.

The preferreds (NYSE: ARRPrC) were up 1 cent to $25.15 on volume of about 43,000 shares.

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