AT&T declines; Capital One preferreds negative; AGNC lower

By James McCandless

San Antonio, Feb. 28 – The preferred market finished the week extending the negativity of the last few days over coronavirus worries.

In the secondary, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock led the decline, falling 33 cents to close at $24.39 on volume of about 8.5 million shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock dropped 27 cents to close at $24.29 with about 6.5 million shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds lost 36 cents to close at $24.49 on volume of about 1.8 million shares.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was pushed lower. The preferreds declined by 25 cents to close at $24.24 with about 3.1 million shares trading.

New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferreds crashed 76 cents to close at $23.68 on volume of about 1.7 million shares.

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