AGNC preferreds drop; Capital One negative; AT&T slides

By James McCandless

San Antonio, April 1 – As the preferred market saw the close on Wednesday, declines were seen across the board amid continued market turmoil.

Leading secondary activity, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were down 86 cents to close at $16.89 on volume of about 803,000 shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds declined by $1.07 to close at $18.98 with about 561,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock weakened by 42 cents to close at $20.58 on volume of about 545,000 shares.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also under water by the end of the session, dipping 43 cents to close at $24.92 with about 521,000 shares trading.

Telecom company AT&T, Inc.’s 4.75% series C perpetual preferreds lost 50 cents to close at $20.70 on volume of about 432,000 shares.

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