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Selective Insurance drops; PNC Financial negative; AGNC preferreds rise
By James McCandless
San Antonio, Dec. 7 – Opening up a new week, the preferred market ended Monday on mixed results.
At the top of secondary activity, Selective Insurance Group, Inc.’s recent 4.6% series B non-cumulative preferred stock dropped.
Meanwhile, in the finance space, PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds were negative.
Sector peer Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred stock was active but unchanged.
Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferred stock ended the session on an upward trend.
Elsewhere, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock rose.
Selective drops
At the top of the early week secondary activity, Selective Insurance’s recent 4.6% series B non-cumulative preferred stock dropped.
The preferreds, trading under the temporary symbol “SLIG,” were down 30 cents to close at $25.50 on volume of about 588,000 shares.
On Friday, the preferreds were rigid.
PNC negative
Meanwhile, in the finance space, PNC Financial’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds were on a negative trend.
The preferreds (NYSE: PNCPrP) declined by 7 cents to close at $26.35 with about 241,000 shares trading.
Sector peer Wells Fargo’s 6% series V non-cumulative perpetual class A preferred stock was active but unchanged.
The preferreds (NYSE: WFCPrV) ended the session in the same place they began at $24.99 on volume of about 199,000 shares.
On Friday, the preferreds were level.
Charles Schwab’s 6% series C non-cumulative perpetual preferred stock ended the session on an upward trend.
The preferreds (NYSE: SCHWPrC) tacked on 4 cents to close at $25.34 with about 179,000 shares trading.
AGNC rises
Elsewhere, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock rose.
The preferreds (Nasdaq: AGNCO) spiked up 28 cents to close at $23.83 on volume of about 172,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index finished Monday down by 0.07%.
The index capped Friday up by 0.16%, ended up by 0.15% on Thursday and finished Wednesday up by 0.35%.
The iShares US Preferred Stock ETF was up 9 cents to $37.93.
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