New Residential preferreds positive; Allstate pushes upward; Capital One weaker

By James McCandless

San Antonio, Aug. 19 – The preferred market spent most of the Monday session on the fence, with much of the market remaining virtually unchanged.

Leading the day’s trading, New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock ended positively.

Elsewhere in the REIT space, AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds were active but unchanged.

Sector peer Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were also rigid.

Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock pushed upward.

In finance, Capital One Financial Corp.’s 6% series B fixed-rate non-cumulative perpetual preferreds closed weaker.

New Residential up

Leading the day’s secondary trading, New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock ended on the positive side.

The preferreds (NYSE: NRZPrB) were up 10 cents to close at $25.00 on volume of about 639,000 shares.

Elsewhere in the real estate investment trust space, AGNC Investment’s 7% series C fixed-to-floating rate cumulative redeemable preferreds were active but finished unchanged.

The preferreds (Nasdaq: AGNCN) finished flat at $26.12 with about 444,000 shares trading.

Sector peer Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds also ended the day rigid.

The preferreds (NYSE: NLYPrF) were also flat to close at $25.89 on volume of about 315,000 shares.

Allstate rises

Meanwhile, insurance name Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock pushed upward in Monday activity.

The preferreds (NYSE: ALLPrH) picked up 8 cents to close at $25.70 with about 580,000 shares trading.

On Friday, the preferreds gained 14 cents.

Capital One down

In finance, Capital One’s 6% series B fixed-rate non-cumulative perpetual preferreds was weaker as the session came to a close.

The preferreds (NYSE: COFPrP) dropped 5 cents to close at $25.26 on volume of about 219,000 shares.

Indexes diverge

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.05%, leveling off from a 0.12% gain in early Monday trading.

The iShares US Preferred Stock ETF was up 5 cents to $37.30.

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