Ally Financial rises; AGNC preferreds mixed; MFA Financial jumps

By James McCandless

San Antonio, April 9 – The end of the holiday-shortened week was marked with overarching positivity, capping a week of gains.

Leading the secondary activity, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities rose.

Elsewhere in the finance space, Capital Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were both lifted.

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

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stocks saw mixed results.

MFA Financial’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock jumped higher.

Ally Financial rises

Leading the secondary activity for a second straight day, Ally Financial’s 8.125% series A fixed-to-floating rate trust preferreds securities rose.

The preferreds (NYSE: ALLYPrA) were up $1.35 to close at $22.09 on volume of about 1.8 million shares.

On Wednesday, the preferreds picked up $1.58.

Elsewhere in the finance space, Capital One’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were both lifted by the end of the day.

The series I preferreds (NYSE: COFPrI) added $2.01 to close at $23.31 with about 686,000 shares trading.

The series J preferreds (NYSE: COFPrJ) improved by $1.78 to close at $21.78 with about 498,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the positive trend.

The preferreds (NYSE: WFCPrZ) rose $1.29 to close at $23.19 on volume of about 588,000 shares.

AGNC mixed

Meanwhile, real estate investment trust AGNC’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stocks saw mixed results.

The series F preferreds (NYSE: AGNCP) gained 31 cents to close at $21.50 with about 642,000 shares trading.

The series E preferreds (NYSE: AGNCO) declined by 35 cents to close at $21.89 with about 521,000 shares trading.

MFA Financial’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock jumped higher.

The preferreds (NYSE: MFAPrC) gained $2.39 to close at $12.50 on volume of about 489,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 2.97%, narrower than the 3.29% rise from early Thursday trading.

The iShares US Preferred Stock ETF was up $1.25 to $33.97.

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