AT&T declines; Capital One preferreds negative; AGNC lower

By James McCandless

San Antonio, Feb. 28 – The preferred market finished the week extending the negativity of the last few days over coronavirus worries.

In the secondary, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock led the decline.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also negative.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were under pressure.

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

New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock cratered.

AT&T weaker

Leading the Friday secondary activity, telecom services name AT&T’s 4.75% series C perpetual preferred stock led the market decline.

The preferreds (NYSE: TPrC) were down 33 cents to close at $24.39 on volume of about 8.5 million shares.

On Thursday, the preferreds slid 27 cents.

Capital One dips

Elsewhere, in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also negative.

The preferreds (NYSE: COFPrJ) dipped 27 cents to close at $24.29 with about 6.5 million shares trading.

On Thursday, the preferreds shed 12 cents.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds were similarly under pressure.

The preferreds (NYSE: WFCPrZ) were docked 36 cents to close at $24.49 on volume of about 1.8 million shares.

On Thursday, the preferreds slipped 24 cents.

AGNC lower

Meanwhile, AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was pushed lower.

The preferreds (Nasdaq: AGNCP) declined by 25 cents to close at $24.24 with about 3.1 million shares trading.

On Thursday, the preferreds lopped off 26 cents.

New Residential’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock cratered.

The preferreds (NYSE: NRZPrC) crashed 76 cents to close at $23.68 on volume of about 1.7 million shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index crashed 1.47% at the end of the week, adding onto the 0.89% drop from early Friday trading.

The iShares US Preferred Stock ETF was down 36 cents to $36.30.

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