U.S. Bancorp preferreds decline; Monmouth active, flat; AGNC drops

By James McCandless

San Antonio, Nov. 6 – To finish off the week, the preferred market saw a reversal of some of the gains made earlier in the week.

Leading the secondary volume, U.S. Bancorp’s 6.5% series F and 3.75% series L non-cumulative perpetual preferred stocks both declined.

Elsewhere in the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock drifted lower.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds closed on the negative side.

REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock was active but ended the session unchanged.

Also, AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock dropped.

U.S. Bancorp declines

Leading Friday’s secondary activity, U.S. Bancorp’s 6.5% series F and 3.75% series L non-cumulative perpetual preferred stocks both concluded with declines.

The series F preferreds (NYSE: USBPrM) were down 4 cents to close at $26.42 on volume of about 932,000 shares.

The series Q preferreds (NYSE: USBPrQ) chalked off 15 cents to close at $24.31 on volume of about 129,000 shares.

On Thursday, the preferreds shot up 34 cents.

Elsewhere in the finance space, Bank of America’s 4.375% series NN non-cumulative preferred stock drifted to a lower position.

The preferreds (NYSE: BACPrO) shaved off 13 cents to close at $25.28 with about 543,000 shares trading.

On Thursday, the preferreds jumped up 37 cents.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds closed the afternoon on the negative side.

The preferreds (NYSE: COFPrJ) slipped 2 cents to close at $24.95 on volume of about 186,000 shares.

Monmouth rigid

Real estate investment trust Monmouth’s 6.125% series C cumulative redeemable preferred stock was relatively active but ended the session unchanged.

The preferreds (NYSE: MNRPrC) held level to close at $24.90 with about 108,000 shares trading.

Also in the property space, AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock dropped.

The preferreds (Nasdaq: AGNCO) moved down 13 cents to close at $21.90 on volume of about 97,000 shares.

On Thursday, the preferreds rose 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was 0.45% lower by Friday’s end.

The index gained 0.30% on Thursday, jumped up 1.01% on Wednesday and lost 0.14% on Tuesday.

In total, the index rose 0.77% for the week.

The iShares US Preferred Stock ETF was down 15 cents to $36.69.

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