AGNC sees boost; JPMorgan preferreds gain; AT&T improves

By James McCandless

San Antonio, April 2 – The preferred market lacked the cohesion that has sent it up or down in recent weeks, though top traders trended upward on Thursday.

Spending a second day atop the secondary, REIT AGNC Investment Corp.’s 6.5% series E and 6.125% series F fixed-to-floating rate cumulative redeemable preferred stocks saw a boost.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stocks gained.

Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds shifted lower by the close.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended at higher levels.

Meanwhile, telecom name AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the session improving.

AGNC up

Spending a second day atop secondary trading, real estate investment trust AGNC’s 6.5% series E and 6.125% series F fixed-to-floating rate cumulative redeemable preferred stocks saw a boost.

The series E preferreds (NYSE: AGNCO) were up 85 cents to close at $18.20 on volume of about 765,000 shares trading.

The series F preferreds (NYSE: AGNCP) moved up $1.15 to close at $18.04 on volume of about 501,000 shares trading.

On Wednesday, the preferreds dropped 86 cents.

JPMorgan gains

Elsewhere, in the finance space, JPMorgan’s 5.75% series DD and 6% series EE non-cumulative preferred stocks gained.

The series DD preferreds (NYSE: JPMPrD) picked up 16 cents to close at $25.08 with about 445,000 shares trading.

On Wednesday, the preferreds dipped 43 cents.

The series EE preferreds (NYSE: JPMPrC) added 9 cents to close at $25.81 with about 394,000 shares trading.

Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds shifted lower by the close.

The preferreds (NYSE: USBPrH) shaved off 6 cents to close at $17.47 on volume of about 381,000 shares.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the afternoon at higher levels.

The preferreds (NYSE: ALLYPrA) shot up 38 cents to close at $19.24 with about 369,000 shares trading.

AT&T rises

Meanwhile, telecom name AT&T’s 4.75% series C perpetual preferred stock finished the session improving.

The preferreds (NYSE: TPrC) rose 24 cents to close at $20.94 on volume of about 365,000 shares.

On Wednesday, the preferreds dived 50 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished down by 0.07%, narrower than the 1.97% slide from early Thursday trading.

The iShares US Preferred Stock ETF was up 19 cents to $30.29.

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