Bank of America pushes up; AGNC preferreds positive; Annaly Capital better

By James McCandless

San Antonio, Nov. 5 – Heading into the second half of the week, the preferred space sustained positive movements.

Ending Thursday’s session as the volume leader, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock pushed up.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were active but flat.

Sector peer U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock shot higher as the afternoon ended.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was positive.

Meanwhile, property name Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds ended in a better position.

Bank of America up

Ending the Thursday session as the volume leader, Bank of America’s 4.375% series NN non-cumulative preferred stock pushed upward.

The preferreds (NYSE: BACPrO) were up 37 cents to close at $25.41 on volume of about 1.8 million shares.

On Wednesday, the preferreds gained 14 cents.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were active but ultimately flat.

The preferreds (NYSE: ALLYPrA) went unchanged to close at $26.25 with about 310,000 shares trading.

Sector peer U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock shot higher as the afternoon ended.

The preferreds (NYSE: USBPrQ) tacked on 34 cents to close at $24.46 on volume of about 295,000 shares.

AGNC positive

Real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was positive for the duration of the session.

The preferreds (Nasdaq: AGNCO) shifted up 3 cents to close at $22.03 with about 385,000 shares trading.

On Wednesday, the preferreds picked up 1 cent.

Meanwhile, property name Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds ended in a better position.

The preferreds (NYSE: NLYPrI) improved by 2 cents to close at $22.40 on volume of about 241,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index garnered 0.30% on Thursday.

The index jumped up 1.01% on Wednesday, lost 0.14% on Tuesday and gained 0.05% on Monday.

The iShares US Preferred Stock ETF was up 11 cents to $36.84.

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