Morning Commentary: MFA Financial preferreds rise; Public Storage weakens; JPMorgan off

By James McCandless

San Antonio, June 26 – The preferred space was largely negative on Friday morning with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.17%.

Leading early secondary market activity, real estate investment trust MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was improving, bucking the trend.

The preferreds (NYSE: MFAPrC) were up 23 cents to $17.55 on volume of about 258,000 shares.

Sector peer Public Storage’s 4.625% series L cumulative preferred shares were weakening as the session began.

The preferreds (NYSE: PSAPrL) were shaving off 4 cents to $25.06 with about 55,000 shares trading.

Meanwhile, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was under pressure.

The preferreds (NYSE: JPMPrJ) were dipping 12 cents to $25.02 on volume of about 86,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were also declining.

The preferreds (NYSE: WFCPrQ) were losing 14 cents to $24.85 with about 66,000 shares trading.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were being pushed down as the day kicked off.

The preferreds (NYSE: CPrN) were falling 11 cents to $26.71 on volume of about 50,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.