AT&T negative; Wells Fargo preferreds decline; AGNC pushed lower

By James McCandless

San Antonio, Feb. 24 – The preferred space opened the week with a haircut as markets grappled with the weekend’s coronavirus updates.

On top of the secondary, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock led the Monday negativity.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferred stock both saw declines.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the market trend.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were also under water for the session.

Elsewhere, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock were pushed lower.

AT&T loses

In the Monday secondary market, AT&T’s 4.75% series C perpetual preferred stock led the day’s negativity.

The preferreds (NYSE: TPrC) were down 15 cents to close at $25.00 on volume of about 1.6 million shares.

On Friday, the preferreds shed 6 cents.

Wells Fargo slips

Meanwhile, Wells Fargo’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferred stock both saw declines.

The series Z preferreds (NYSE: WFCPrZ) gave back 13 cents to close at $25.37 with about 954,000 shares trading.

On Friday, the preferreds went unchanged.

The series V preferreds (NYSE: WFCPrV) dropped 13 cents to close at $25.94 with about 317,000 shares trading.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the market trend.

The preferreds (NYSE: COFPrJ) slipped 20 cents to close at $24.82 on volume of about 913,000 shares trading.

On Friday, the preferreds gained 1 cent.

JPMorgan’s 6% series EE non-cumulative preferreds were also under water for the majority of the session.

The preferreds (NYSE: JPMPrC) shaved off 20 cents to close at $27.54 with about 304,000 shares trading.

AGNC lower

Elsewhere, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred shares were pushed lower.

The preferreds (Nasdaq: AGNCP) shed 20 cents to close at $24.78 on volume of about 682,000 shares.

On Friday, the preferreds lost 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished lower by 0.77%, wider than the 0.37% drop from early Monday trading.

The iShares US Preferred Stock ETF was down 49 cents to $37.56.

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