Wells Fargo lifted; Energy Transfer preferreds dive; AGNC pushed down

By James McCandless

San Antonio, March 30 – While the preferred market experienced a net gain overall at the close, the most active traders saw mixed results on Monday.

In the top spot in the secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was lifted.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6.1% series AA non-cumulative preferred stocks were also positive.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds declined.

Oil and gas name Energy Transfer Operating, LP’s 7.625% series D and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units both dived.

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

Wells Fargo lifted

In the top spot in the secondary space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock was lifted.

The preferreds (NYSE: WFCPrZ) were up 25 cents to close at $20.59 on volume of about 749,000 shares.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD and 6.1% series AA non-cumulative preferred stocks were also positive.

The series DD preferreds (NYSE: JPMPrD) picked up 24 cents to close at $25.10 with about 657,000 shares trading.

On Friday, the preferreds dropped 44 cents.

The series AA preferreds (NYSE: JPMPrG) gained 5 cents to close at $25.15 with about 321,000 shares trading.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds declined as the day ended.

The preferreds (NYSE: COFPrI) shaved off 14 cents to close at $20.01 on volume of about 371,000 shares.

Energy Transfer down

Oil and gas name Energy Transfer’s 7.625% series D and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units both dived by the close.

The series D preferreds (NYSE: ETPPrD) cratered $3.18 to close at $12.40 with about 364,000 shares trading.

The series E preferreds (NYSE: ETPPrE) fell $3.64 to close at $12.36 with about 277,000 shares trading.

The company announced on Monday that it took full control of its Louisiana LNG project after its partner Shell pulled out due to weakened market conditions.

AGNC off

Meanwhile, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was pushed down.

The preferreds (NYSE: AGNCP) declined by $1.46 to close at $18.79 on volume of about 269,000 shares.

On Friday, the preferreds rose $1.19.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day higher by 1.04%, reversing a 0.41% loss from early Monday trading.

The iShares US Preferred Stock ETF was up 33 cents to $31.80.

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