AT&T sinks; Capital One preferreds decline; MFA Financial slides

By James McCandless

San Antonio, Feb. 27 – The preferred space was pushed lower along with the common market on increasing coronavirus fears.

On top of secondary trading, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock sank.

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

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the market trend.

Elsewhere, REIT MFA Financial, Inc.’s new 6.5% series C fixed-to-floating rate cumulative redeemable preferreds slid.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock also ended the session on weaker ground.

AT&T sinks

On top of Thursday secondary trading, telecom company AT&T’s 4.75% series C perpetual preferred stock sank.

The preferreds (NYSE: TPrC) were down 27 cents to close at $24.72 on volume of about 1.9 million shares.

On Wednesday, the preferreds picked up 7 cents.

Capital One, Wells Fargo off

Meanwhile, in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock declined.

The preferreds (NYSE: COFPrJ) dropped 12 cents to close at $24.57 with about 939,000 shares trading.

On Wednesday, the preferreds shaved off 1 cent.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the market’s downward trend.

The preferreds (NYSE: WFCPrZ) slipped 24 cents to close at $24.85 on volume of about 899,000 shares.

On Wednesday, the preferreds lost 1 cent.

MFA slides

Elsewhere, real estate investment trust MFA Financial’s new 6.5% series C fixed-to-floating rate cumulative redeemable preferreds slid.

The preferreds, trading under the temporary symbol “MFABO,” were docked 15 cents to close at $24.50 with about 828,000 shares trading.

On Wednesday, the preferreds closed under par.

AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock also ended the session on weaker ground.

The preferreds (Nasdaq: AGNCP) lopped off 26 cents to close at $24.49 on volume of about 549,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the afternoon down by 0.63%, hovering around a 0.59% loss from early Thursday trading.

The iShares US Preferred Stock ETF was down 48 cents to $36.66.

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