Morning Commentary: Preferreds mixed in early trading; AGNC Investment preferred stock weakens

By Cristal Cody

Tupelo, Miss., Aug. 24 – Preferred stocks opened Thursday’s session mixed.

The Wells Fargo Hybrid and Preferred Securities index was down 1 basis point at mid-morning.

The U.S. iShares Preferred Stock ETF was up at 38.83 late morning, up 1 cent from the opening and up from where it closed in the previous session at 38.79.

In early trading, AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferred stock (OTCMKTS: AGNNP) was active but down 4 cents to $25.06.

The company sold $300 million of the preferred shares on Aug. 15.

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