Morning Commentary: AGNC preferreds improve; Annaly gains; JPMorgan positive

By James McCandless

San Antonio, June 1 – The preferred market started a new week rising as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.05%.

Leading early Monday secondary trading volume, real estate investment trust AGNC Investment Corp.’s 6.5% series E and 7% series C fixed-to-floating rate cumulative redeemable preferred stocks were both improving.

The series E preferreds (Nasdaq: AGNCO) were up 28 cents to $22.63 on volume of about 200,000 shares.

The series C preferreds (Nasdaq: AGNCN) were gaining 19 cents to $23.25 on volume of about 150,000 shares.

Sector peer Pennsylvania Real Estate Investment Trust’s 6.875% series D cumulative redeemable perpetual preferred shares were declining.

The preferreds (NYSE: PEIPrD) were dipping 4 cents to $5.91 with about 32,000 shares trading.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were picking up steam.

The preferreds (NYSE: NLYPrF) were adding 19 cents to $21.96 on volume of about 157,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock moved along the positive trend.

The preferreds (NYSE: JPMPrD) were up 7 cents to $27.01 with about 57,000 shares trading.

Oil and gas name Energy Transfer Operating, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units also started the session shifting upward.

The preferreds (NYSE: ETPPrC) were tacking on 2 cents to $21.32 on volume of about 45,000 shares.

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