Morning Commentary: AT&T preferreds lead market lower; Capital One sinks; AGNC drops

By James McCandless

San Antonio, Feb. 28 – As the week headed for the close, preferred stocks were diving again as the Wells Fargo Hybrid & Preferred Securities Financial index opened lower by 0.89%.

On top of secondary volume Friday morning, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was dropping.

The preferreds (NYSE: TPrC) were down 47 cents to $24.25 on volume of about 1.2 million shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also sinking.

The preferreds (NYSE: COFPrJ) were declining by $24.22 with about 843,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds followed the market under water.

The preferreds (Nasdaq: AGNCP) were losing 29 cents to $24.20 on volume of about 459,000 shares.

Sector peer New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was weaker.

The preferreds (NYSE: NRZPrC) were shedding 63 cents to $23.81 with about 253,000 shares trading.

Meanwhile, real estate developer Brookfield Property Partners LP’s 5.75% series 3 class A cumulative redeemable perpetual preferred units drifted lower.

The preferreds (Nasdaq: BPYPN) were down 21 cents to $24.75 on volume of about 157,000 shares.

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