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Morning Commentary: Armada Hoffler add-on eyed; Pennsylvania REIT higher; Argo gains
By James McCandless
San Antonio, Aug. 13 – The preferred market continued to see a positive tone on Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.14%.
Early in primary activity, Armada Hoffler Properties, Inc. said it plans to price more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 6.75%.
There are 3,243,418 shares of the preferreds outstanding since pricing on June 18, 2019.
BofA Securities, Inc., Raymond James & Associates, Inc. and Jefferies LLC are the bookrunners.
The preferreds are redeemable on or after June 18, 2024 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control.
Leading the secondary market early Thursday, Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock was moving higher.
The preferreds (NYSE: PEIPrC) were up 30 cents to $4.40 on volume of about 65,000 shares.
Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was also seen improving.
The preferreds (Nasdaq: AGNCP) were tacking on 14 cents to $22.74 with about 44,000 shares trading.
Elsewhere, insurance carrier Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preference shares were skewing positive.
The preferreds (NYSE: ARGOPrA) were up 1 cent to $25.09 on volume of about 59,000 shares.
Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were following the prevailing trend.
The notes (NYSE: LMHB) were rising 7 cents to $25.40 with about 55,000 notes trading.
Meanwhile, Bank of America Corp.’s 6% series EE non-cumulative preferreds were being pushed upward.
The preferreds (NYSE: BACPrA) were gaining 5 cents to $26.13 on volume of about 36,000 shares.
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