Morning Commentary: Annaly Capital lower; Triton preferreds decline; Voya slides

By James McCandless

San Antonio, July 5 – On the last day of a holiday-shortened week the preferred space was in decline with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.19%.

At the top of activity, Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock led the market lower.

The preferreds (NYSE: NLYPrI) were down 1 cent to $25.06 on volume of about 58,000 shares.

Shipping rental name Triton International Ltd.’s 8% series B cumulative redeemable perpetual preference shares followed the morning trend.

The preferreds (NYSE: TRTNPrB) were losing 14 cents to $25.54 with about 36,000 shares trading.

Meanwhile, employee benefits name Voya Financial, Inc.’s 5.35% series B fixed-rate reset non-cumulative preferred stock was also sliding.

The preferreds (NYSE: VOYAPrB) were dropping 9 cents to $25.18 with about 35,000 shares trading.

Insurance provider AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferreds were also trailing as the session started.

The preferreds (NYSE: AXSPrE) were off by 10 cents to $24.96 with about 24,000 shares trading.

Elsewhere, in the finance space, Capital One Financial Corp.’s 6.7% series D fixed-rate non-cumulative perpetual preferreds trended negative.

The preferreds (NYSE: COFPrD) were lower by 1 cent to $25.52 on volume of about 18,000 shares.

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