Morning Commentary: MFA Financial drops; Bank of America higher; Annaly Capital gains

By James McCandless

San Antonio, March 24 – The preferred market started the day with a positive push as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 7.6%.

Leading early secondary activity but moving against the prevailing trend, MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was dropping.

The preferreds (NYSE: MFAPrC) were down $1.83 to $6.60 on volume of about 250,000 shares.

Elsewhere in the REIT space, New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock was also falling.

The preferreds (Nasdaq: NYMTM) were dipping $3.83 to $5.25 with about 204,000 shares trading.

Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were seen improving as the morning started.

The preferreds (Nasdaq: AGNCP) were rising $1.79 to $16.10 on volume of about 156,000 shares.

Meanwhile, in the finance space, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was also leaping higher.

The preferreds (NYSE: BACPrK) were gaining $1.39 to $23.40 with about 215,000 shares trading.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was picking up steam.

The preferreds (NYSE: NLYPrF) were adding 49 cents to $14.01 on volume of about 178,000 shares.

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