Morning Commentary: AGNC preferreds better; Wells Fargo declines; AT&T preferreds mixed

By James McCandless

San Antonio, April 2 – More economic turmoil continued to rile markets, with the preferred space seeing early negativity as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 1.97%.

Leading the morning’s activity, real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was improving against the prevailing trend.

The preferreds (Nasdaq: AGNCP) were up 16 cents to $17.05 on volume of about 165,000 shares.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was declining.

The preferreds (NYSE: WFCPrZ) were losing 14 cents to $20.44 with about 84,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also weakening.

The preferreds (NYSE: JPMPrD) were declining by 17 cents to $24.75 on volume of about 73,000 shares.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were under pressure.

The preferreds (NYSE: CPrN) were dipping 5 cents to $25.45 with about 54,000 shares trading.

Elsewhere, telecom services name AT&T, Inc.’s 5% series A cumulative perpetual preferred stock and its 4.75% series C perpetual preferred stock saw mixed movements.

The series A preferreds (NYSE: TPrA) were shedding 13 cents to $22.26 on volume of about 66,000 shares.

The series C preferreds (NYSE: TPrC) were gaining 5 cents to $20.75 on volume of about 65,000 shares.

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