Morning Commentary: Capital One positive; Armada Hoffler down; Legg Mason notes higher

By James McCandless

San Antonio, Aug. 14 – The preferred market began the last day of the week rising, though top traders were mixed, with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.12%.

Leading early secondary trading volume on Friday, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock opened on the positive side.

The preferreds (NYSE: COFPrJ) were up 1 cent to $23.40 on volume of about 95,000 shares.

Meanwhile, real estate investment trust Armada Hoffler Properties, Inc.’s 6.75% series A cumulative redeemable perpetual preferred stock was under pressure.

The preferreds (NYSE: AHHPrA) were declining by 15 cents to $24.57 with about 64,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were being pushed higher.

The notes (NYSE: LMHB) were pushing up 4 cents to $25.55 on volume of about 38,000 notes.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock was trailing as the session kicked off.

The preferreds (NYSE: TPrC) were shaving off 2 cents to $25.16 with about 38,000 shares trading.

Sector peer Qwest Corp.’s 6.5% notes due 2056 were relatively active but unchanged so far.

The notes (NYSE: CTBB) were holding level at $25.40 on volume of about 31,000 notes.

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