Wells Fargo pushes higher; New York Mortgage jumps; AGNC better

By James McCandless

San Antonio, March 26 – Preferreds saw a rise as markets expressed optimism about a coronavirus relief package making its way through Congress.

Leading secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were up 44 cents to close at $21.40 on volume of about 873,000 shares.

Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities moved up 12 cents to close at $26.13 with about 569,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds shifted up $2.83 to close at $20.18 on volume of about 561,000 shares.

Meanwhile, REIT New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds improved by $3.50 to close at $7.64 with about 623,000 shares trading.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds rose $1.79 to close at $19.06 on volume of about 563,000 shares.

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