Morning Commentary: New Residential preferreds active, level; Allstate off; Goldman up

By James McCandless

San Antonio, Aug. 12 – The preferred space started a new week with a negative slant as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.01%.

At the top of Monday morning activity, real estate investment trust New Residential Investment Corp.’s new $250 million 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was active but unchanged as the session began.

The preferreds, trading under the temporary symbol “NRZEP,” were level at $24.99 on volume of about 101,000 shares.

Sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were under water.

The preferreds (Nasdaq: AGNCM) were losing 7 cents to $25.59 with about 31,000 shares trading.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was moving lower.

The preferreds (NYSE: ALLPrH) were down 4 cents to $25.34 on volume of about 99,000 shares.

Meanwhile, in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were receiving a boost.

The preferreds (NYSE: GSPrD) were gaining 12 cents to $21.33 with about 38,000 shares trading.

Also in the finance space, Citigroup, Inc.’s 6.3% series S non-cumulative preferred stock was moving better.

The preferreds (NYSE: CSPrS) were rising 5 cents to $26.26 on volume of about 23,000 shares.

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