Preferred stock market holds positive; Annaly Capital active; New York Mortgage Trust up

By Cristal Cody

Tupelo, Miss., Oct. 12 – Preferred stocks stayed mostly strong over the session on Thursday.

The Wells Fargo Hybrid and Preferred Securities index ended up 21 basis points.

The U.S. iShares Preferred Stock ETF climbed 26 bps over the day.

Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) closed up 14 cents, or 0.54%, at $26.08 on Thursday. The preferreds have been active over the last few sessions but no major events were seen causing the moves, a source said.

“That volume is mostly in line with the 30-day moving average,” the source said. “There was management change yesterday. If anything, the bigger news story for them was their common stock offer that closed yesterday.”

The company had announced on Oct. 5 it was offering 65 million shares of its common stock.

Also on Thursday, American Homes 4 Rent’s 6.5% series D cumulative redeemable preferreds (NYSE: AMHPrD) were actively traded over the day with the preferreds ending up 11 cents to $26.65.

In other trading, New York Mortgage Trust Inc.’s new 8% series D fixed-to-floating rate cumulative redeemable preferreds closed 3 cents better at $24.93.

New York Mortgage Trust sold $125 million of the preferreds on Oct. 5 at the tight end of the 8% to 8.125% price talk. The deal has been assigned the temporary ticker, “NYMMP.”

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