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Morning Commentary: New Residential preferreds rise; AT&T improves; Morgan Stanley down
By James McCandless
San Antonio, May 5 – The preferred space opened with gains as the Wells Fargo Hybrid & Preferred Securities Financial started up by 0.05%.
Leading the morning’s secondary activity, New Residential Investment Corp.’s 6.375% series C and 7.125% series B fixed-to-floating rate cumulative redeemable preferred stocks were both rising.
The series C preferreds (NYSE: NRZPrC) were up $2.13 to $18.41 on volume of about 61,000 shares.
The series B preferreds (NYSE: NRZPrB) were gaining $1.63 to $19.21 on volume of about 61,000 shares.
On Tuesday morning, the company reported a first-quarter profit of 48 cents per share, beating analyst expectations of a 17 cents per share loss.
Meanwhile, telecom company AT&T Inc.’s 5% series A cumulative redeemable preferred stock was also improving.
The preferreds (NYSE: TPrC) were rising 7 cents to $25.09 with about 53,000 shares trading.
Elsewhere, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were receiving a boost.
The preferreds (NYSE: ALLYPrA) were shifting up 40 cents to $22.26 on volume of about 44,000 shares.
Sector peer Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were under pressure, going against the prevailing trend.
The preferreds (NYSE: MSPrK) were shaving off 1 cent to $26.03 with about 34,000 shares trading.
Capital One Financial Corp.’s 5.2% series G fixed-rate non-cumulative perpetual preferred stock began the morning on the positive side.
The preferreds (NYSE: COFPrG) were tacking on 1 cent to $24.91 on volume of about 28,000 shares.
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