Morning Commentary: Capital One preferreds improve; Rexford pushed lower; AGNC gains

By James McCandless

San Antonio, Oct. 23 – The preferred market started the midpoint of the week with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.

At the top of early activity, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were improving.

The preferreds (NYSE: COFPrI) were up 7 cents to $25.23 on volume of about 466,000 shares.

Elsewhere in the finance space, Citizens Financial Group, Inc.’s new 5% series E fixed-rate non-cumulative perpetual preferred stock was rising.

The preferreds, trading under the temporary symbol “CFGZL,” were adding 2 cents to $25.14 with about 245,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock began the session trailing.

The preferreds (NYSE: BACPrN) were declining by 3 cents to $25.90 on volume of about 56,000 shares.

Meanwhile, real estate investment trust Rexford Industrial Realty, Inc.’s 5.625% series C cumulative redeemable preferred stock was under water early.

The preferreds (NYSE: REXRPrC) were sliding 15 cents to $26.06 with about 36,000 shares trading.

AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds followed the positive trend.

The preferreds (Nasdaq: AGNCO) were improving by 4 cents to $25.22 on volume of about 32,000 shares.

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