Morning Commentary: AT&T preferreds drop; AGNC under pressure; Capital One negative

By James McCandless

San Antonio, Feb. 24 – The preferred space started a new week just as skittish at the common market on renewed coronavirus fears as the Wells Fargo Hybrid & Preferred Securities Financial index opened lower by 0.37%.

Leading the early Monday downturn, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was losing ground.

The preferreds (NYSE: TPrC) were down 10 cents to $25.05 on volume of about 404,000 shares.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were also under pressure.

The preferreds (Nasdaq: AGNCP) were losing 17 cents to $24.81 with about 231,000 shares trading.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the market trend.

The preferreds (NYSE: COFPrJ) were declining by 19 cents to $24.83 on volume of about 153,000 shares.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was trailing.

The preferreds (NYSE: WFCPrZ) were moving down 8 cents to $25.42 with about 86,000 shares trading.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were also seeing negativity.

The preferreds (NYSE: CPrN) were sliding 10 cents to $28.68 on volume of about 61,000 shares.

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