Morning Commentary: Truist preferreds trail; Qwest $25-pars dip; Annaly Capital lower

By James McCandless

San Antonio, Sept. 4 – The preferred space started the Friday session on a negative trend as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.13%.

Truist Financial Corp.’s 5.25% series O and 4.75% series R non-cumulative perpetual preferred stocks were both trailing.

The series O preferreds (NYSE: TFCPrO) were down 51 cents to $27.01 on volume of about 59,000 shares.

The series R preferreds (NYSE: TFCPrR) were shedding 15 cents to $26.20 on volume of about 26,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was following the morning trend.

The preferreds (NYSE: JPMPrJ) were shaving off 6 cents to $26.38 with about 23,000 shares trading.

Communications name Qwest Corp.’s 6.5% notes due 2056 were under similar pressure as the session kicked off.

The notes (NYSE: CTBB) were dipping 8 cents to $25.03 on volume of about 58,000 notes.

Sector peer AT&T, Inc.’s 4.75% series C perpetual preferred stock moved on a downward track as trading opened.

The preferreds (NYSE: TPrC) were being pushed down 7 cents to $25.33 with about 24,000 shares trading.

Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds skewed lower.

The preferreds (NYSE: NLFPrF) were falling 2 cents to $22.84 on volume of about 44,000 shares.

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