Capital One preferreds decline; AGNC negative; Two Harbors lower

By James McCandless

San Antonio, April 13 – After a run of positivity last week, the preferred market opened this week with weakness.

On top of secondary trading, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both declined.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities dipped.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds also spent the afternoon trailing.

Meanwhile, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock took a negative turn.

Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock moved lower.

Capital One declines

On top of Monday’s secondary trading, Capital One’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both declined.

The series J preferreds (NYSE: COFPrJ) were down $1.29 to close at $20.49 on volume of about 541,000 shares.

On Thursday, the preferreds improved by $1.78.

The series I preferreds (NYSE: COFPrI) trailed by $1.15 to close at $22.16 on volume of about 470,000 shares.

On Thursday, the preferreds added $2.01.

Elsewhere in the finance space, Ally Financial’s 8.125% series A fixed-to-floating rate trust preferreds securities dipped.

The preferreds (NYSE: ALLYPrA) were pushed down 79 cents to close at $21.30 with about 481,000 shares trading.

On Thursday, the preferreds gained $1.35.

Sector peer JPMorgan’s 4.75% series GG non-cumulative preferreds also spent the afternoon trailing.

The preferreds (NYSE: JPMPrJ) declined by 49 cents to close at $24.20 on volume of about 422,000 shares.

AGNC off

Meanwhile, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock took a negative turn.

The preferreds (Nasdaq: AGNCO) lost $1.00 to close at $20.89 with about 473,000 shares trading.

On Thursday, the preferreds lost 35 cents.

Two Harbors’ 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock moved lower.

The preferreds (NYSE: TWOPrB) trailed by 75 cents to close at $19.01 on volume of about 415,000 shares.

Early Monday, the company announced that it would not renew its management agreement with PRCM Advisors LLC, electing to become a self-managed company.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 1.13%, narrower than the 1.97% dip from early Monday trading.

The iShares US Preferred Stock ETF was down 36 cents to $33.61.

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