Morning Commentary: Urstadt Biddle under par; Capital One higher; Southern Co. gains

By James McCandless

San Antonio, Sept. 27 – The preferred space started Friday with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.01% as top traders saw positive movements.

Leading trading, real estate investment trust Urstadt Biddle Properties Inc.’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was seen trading under par on its first day.

The preferreds, trading under the temporary symbol “UTBPP,” were trading at $24.82 on volume of about 531,000 shares.

Sector peer AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative redeemable perpetual preferreds were improving as the session kicked off.

The preferreds (NYSE: MITTPrC) were gaining 8 cents to $25.63 with about 69,000 shares trading.

Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also on the positive side.

The preferreds (NYSE: COFPrI) were better by 3 cents to $24.93 on volume of about 280,000 shares.

Elsewhere in the space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock followed the upward trend.

The preferreds (NYSE: BACPrN) were gaining 7 cents to $25.43 with about 145,000 shares trading.

Utilities name Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 were improving.

The notes (NYSE: SOJB) were adding 5 cents to $26.51 on volume of about 76,000 notes.

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