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Morning Commentary: Capital One preferreds drop; AGNC Investment dives; Ellington falls
By James McCandless
San Antonio, Oct. 28 – The preferred space began a new week with a negative push as the Wells Fargo Hybrid & Preferred Securities Financial index was down by 0.07%.
Leading early trading volume, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock opened with a decline.
The preferreds (NYSE: COFPrI) were down 13 cents to $25.22 on volume of about 127,000 shares trading.
Elsewhere in the finance space, Bank of America Corp.’s 6.5% series Y non-cumulative preferred stock was also lower.
The preferreds (NYSE: BACPrY) were down 3 cents to $25.59 with about 37,000 shares trading.
Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock and 7.75% series B cumulative redeemable preferred stock were both sinking.
The series E preferreds (Nasdaq: AGNCO) were declining by 10 cents to $25.30 on volume of about 88,000 shares.
The series B preferreds (Nasdaq: AGNCB) were diving 56 cents to $25.17 on volume of about 68,000 shares.
Late Friday, the company announced the redemption of its outstanding series B preferreds on Nov. 26 at $25.00 per share.
Sector peer PS Business Parks, Inc.’s new 4.875% series Z cumulative preferred stock followed the negative trend.
The preferreds, trading under the temporary symbol “PSPBZ,” were shedding 3 cents to $25.15 with about 84,000 shares trading.
Mortgage name Ellington Financial, Inc.’s 6.75% series A fixed-to-floating rate cumulative redeemable preferreds were falling.
The preferreds (NYSE: EFCPrA) were giving back 12 cents to $25.20 on volume of about 72,000 shares.
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