Preferred primary quiet; market slightly off; secondary thin; AGNC softens; Ashford better

By Cristal Cody

Tupelo, Miss., Aug. 24 – Preferred stocks ended the trading session on Thursday slightly off on thin activity.

There was “no new issuance or even talk of new issuance,” a market source said.

The Wells Fargo Hybrid and Preferred Securities index closed the day flat.

The U.S. iShares Preferred Stock ETF ended the session up a nickel at $38.84 after opening up 1 cent.

“The market was off 0.03%,” a source said on Thursday. “Secondary market volume was very light.”

AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferred stock ended down a nickel at $25.02. The preferred shares have a temporary symbol of “AGNNP.”

The company sold $300 million of the preferreds on Aug. 15.

Ashford Hospitality Trust Inc.’s 7.5% series H cumulative preferred shares closed up 3 cents at $24.66.

Ashford Hospitality Trust sold $85 million of the preferreds on Aug. 16. The preferred stock has a temporary symbol, “AHHSP.”

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