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Morning Commentary: MTBC prices; Wells Fargo series Q declines; New Residential improving
By James McCandless
San Antonio, July 17 – At the Friday open, the preferred space began with gains as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.13%.
In the primary market, MTBC, Inc. announced that it priced an additional $24 million more of its series A cumulative redeemable perpetual preferred stock at $25.00 per share with a dividend of 11%.
There is a $3.6 million greenshoe.
The deal, announced on Thursday, was upsized from an initial $20 million
B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the bookrunners.
The preferreds are redeemable on or after Nov. 4, 2020 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control.
As Friday kicked off, the preferreds (Nasdaq: MTBCP) were up 5 cents to $25.08 on volume of about 236,000 shares.
Elsewhere in secondary activity, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was declining, going against the early trend.
The preferreds (NYSE: WFCPrQ) were shedding 4 cents to $24.75 with about 43,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was also under water.
The preferreds (NYSE: JPMPrJ) were losing 3 cents to $25.90 on volume of about 25,000 shares.
Elsewhere, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was improving.
The preferreds (NYSE: NRZPrB) were jumping up 37 cents to $19.56 with about 38,000 shares trading.
Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock kicked off the morning on the positive side.
The preferreds (NYSE: TPrC) were tacking on 1 cent to $24.39 on volume of about 31,000 shares.
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