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Morning Commentary: Preferred gains continue; Maiden Holdings preferreds drop after earnings
By Abigail W. Adams
Portland, Me., Feb. 28 – The gains in the preferreds market continued on Wednesday with both market indicators up early in the session.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.14% in early trading Wednesday. The U.S. iShares Preferred Stock ETF was up 0.04%.
After spending most of February in the red, the preferreds market is poised to end the month with a solid run of gains.
While the broader preferreds market was up, Maiden Holdings, Ltd.’s preference shares saw significant losses after the Hamilton, Bermuda-based insurance holding company reported fourth-quarter and year-end results after the market close Tuesday.
Maiden Holdings’ 6.7% series D non-cumulative preference shares traded down to $15.39, a decrease of $2.02, or 11.61%, early in Wednesday’s session. The company’s 7.125% series C non-cumulative preference shares traded down to $17.18, a decrease of $2.01, or 10.47%.
Maiden Holdings reported a net loss of $1.59 per diluted share and a non-GAAP operating loss of $1.65 per diluted share for the fourth quarter. The company reported a net loss of $2.32 per diluted share and non-GAAP net operating loss of $2.16 per diluted share for 2017.
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