Capital One lower; New Residential sees slight gain; Saul Centers new preferreds top par

By James McCandless

San Antonio, Sept. 11 – In the midpoint of the week, the preferred market saw mixed movements and no cohesive direction.

In primary activity, AG Mortgage Investment Trust, Inc. priced a $100 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 8%.

Leading the secondary, Capital One Financial Corp.’s recent 5% series I fixed-rate non-cumulative perpetual preferred shares were down 5 cents to close at $24.70 on volume of about 1.8 million shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds tacked on 5 cents to close at $28.28 with about 616,000 shares trading.

Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferred stock fell 6 cents to close at $26.72 on volume of about 343,000 shares.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds rose.

Saul Centers, Inc.’s new $100 million 6% series E cumulative redeemable preferred stock finished its first day above par.

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