Morning Commentary: Ally Financial improves; MFA preferreds rise; Annaly Capital up

By James McCandless

San Antonio, March 25 – Preferreds started off higher Wednesday morning as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 3.08%.

On top of early secondary activity, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were improving.

The preferreds (NYSE: ALLYPrA) were up $1.45 to $18.56 on volume of about 169,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE and 6.1% series AA non-cumulative preferred stocks were both shifting higher.

The series EE preferreds (NYSE: JPMPrC) were adding 10 cents to $25.19 with about 133,000 shares trading.

The series AA preferreds (NYSE: JPMPrG) were gaining 31 cents to $24.19 with about 103,000 shares trading.

Meanwhile, real estate investment trust MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was rising off of recent lows.

The preferreds (NYSE: MFAPrC) were improving by 21 cents to $3.21 on volume of about 126,000 shares.

On the other end of the spectrum, REIT New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds were declining early.

The preferreds (Nasdaq: NYMTM) were off 10 cents to $3.85 with about 116,000 shares trading.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was shooting upward.

The preferreds (NYSE: NLYPrF) were adding $1.00 to $15.00 on volume of about 101,000 shares.

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