Morning Commentary: AGNC preferreds higher; Digital Realty declines; JPMorgan lower

By James McCandless

San Antonio, May 13 – A new week in the preferred space mirrored the common market with both down on concerns about the trade climate between the United States and China. The Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.24%.

Leading early activity and going against the overarching negative trend, real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred shares started better.

The preferreds (Nasdaq: AGNCM) were up 9 cents to $25.15 on volume of about 85,000 shares.

Elsewhere in the REIT space, Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were pushed downward.

The preferreds (NYSE: MNRPrC) dropped 25 cents to $24.50 with about 39,000 shares trading.

Sector peer Digital Realty Trust, Inc.’s 5.875% series G cumulative redeemable preferreds opened the session moving lower.

The preferreds (NYSE: DLRPrG) were down 5 cents to $25.10 on volume of about 36,000 shares.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was also under pressure early Monday.

The preferreds (NYSE: JPMPrC) dipped 4 cents to $26.33 with about 53,000 shares trading.

Citigroup, Inc.’s 6.3% series S non-cumulative preferred stock began the day declining slightly.

The preferreds (NYSE: CPrS) were off by 4 cents to $25.99 on volume of about 48,000 shares.

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