Bank of America pushes up; AGNC preferreds positive; Annaly Capital better

By James McCandless

San Antonio, Nov. 5 – Heading into the second half of the week, the preferred space sustained positive movements.

Ending Thursday’s session as the volume leader, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were up 37 cents to close at $25.41 on volume of about 1.8 million shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were active but flat, closing at $26.25 with about 310,000 shares trading.

Sector peer U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferreds tacked on 34 cents to close at $24.46 on volume of about 295,000 shares.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds shifted up 3 cents to close at $22.03 with about 385,000 shares trading.

Meanwhile, property name Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds ended in a better position, improving by 2 cents to close at $22.40 on volume of about 241,000 shares.

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