AGNC preferreds rise; Capital One better; Bank of America improves; B. Riley positive

By James McCandless

San Antonio, Oct. 8 – Top traders in the preferred space varied in direction on Tuesday while the overall market kept up a negative trend.

At the top of activity, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds rose.

Meanwhile, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock closed better.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was improving by the end of the day.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended on weaker footing.

Asset manager B. Riley Financial, Inc.’s 6.5% senior notes due 2026 finished on the positive side.

AGNC rises

At the top of Tuesday secondary activity, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds rose.

The preferreds (Nasdaq: AGNCO) were up 13 cents to close at $25.25 on volume of about 394,000 shares.

On Monday, the preferreds added 1 cent.

Capital One better

Meanwhile, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock closed the session better.

The preferreds (NYSE: COFPrI) gained 5 cents to close at $24.89 with about 300,000 shares trading.

On Monday, the preferreds lost 9 cents.

Sector peer Bank of America’s 5% series LL non-cumulative preferred stock was improving by the end of the day.

The preferreds (NYSE: BACPrN) tacked on 1 cent to close at $25.69 on volume of about 209,000 shares.

On Monday, the preferreds were unchanged.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended trading on weaker footing.

The preferreds (NYSE: ALLYPrA) dropped 4 cents to close at $26.27 with about 127,000 shares trading.

B. Riley up

Asset manager B. Riley’s 6.5% senior notes due 2026 finished on the positive side.

The notes (Nasdaq: RILYN) picked up 1 cent to close at $25.38 on volume of about 284,000 notes.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended lower by 0.13%, hovering around the 0.12% decline from early Tuesday trading.

The iShares US Preferred Stock ETF was down 10 cents to $37.16.

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