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Morning Commentary: AT&T preferreds improve; New Residential gains; Capital One lifted
By James McCandless
San Antonio, Feb. 21 – As the preferred market headed toward the end of the week, the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.06%.
Early Friday trading was led by telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock, which was improving.
The preferreds (NYSE: TPrC) were up 5 cents to $25.26 on volume of about 528,000 shares.
Meanwhile, real estate investment trust New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was also trending positively.
The preferreds (NYSE: NRZPrC) were gaining 4 cents to $24.99 with about 236,000 shares trading.
Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were active but unchanged so far.
The preferreds (Nasdaq: AGNCP) were level at $25.01 on volume of about 103,000 shares.
Brookfield Renewable Partners LP’s 5.25% series 17 class A preferred limited partnership units were following top traders upward.
The preferreds (Nasdaq: BPYPN) were improving by 6 cents to $25.57 with about 30,000 shares trading.
Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was being lifted.
The preferreds (NYSE: COFPrI) were rising 2 cents to $25.03 on volume of about 98,000 shares.
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