Wells Fargo positive; MFA Financial preferreds rise; Annaly Capital lifted

By James McCandless

San Antonio, March 25 – At the end of Wednesday activity, the preferred space managed to string together two positive days.

Leading activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock saw positivity.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock saw a steady gain.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the trend.

REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds rose.

Meanwhile, Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was lifted.

Wells Fargo better

Leading activity as the afternoon ended, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock saw positivity.

The preferreds (NYSE: WFCPrZ) were up $2.11 to close at $20.96 on volume of about 1 million shares.

Elsewhere in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock saw a steady gain.

The preferreds (NYSE: COFPrJ) picked up $1.45 to close at $17.35 with about 846,000 shares trading.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the Wednesday trend.

The preferreds (NYSE: ALLYPrA) jumped up $2.42 to close at $19.53 on volume of about 824,000 shares.

MFA rises

Real estate investment trust MFA Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities rose as the session ended.

The preferreds (NYSE: MFAPrC) gained 79 cents to close at $3.79 with about 774,000 shares trading.

On Tuesday, the preferreds dropped $5.43.

Annaly Capital adds

Meanwhile, asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was lifted.

The preferreds (NYSE: NLYPrF) improved by $2.50 to close at $16.50 on volume of about 725,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 7.69%, more than doubling a 3.08% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up $2.08 to $30.37.

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