New Residential preferreds positive; Allstate pushes upward; Capital One weaker

By James McCandless

San Antonio, Aug. 19 – The preferred market spent most of the Monday session on the fence, with much of the market remaining virtually unchanged.

Leading the day’s trading, New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock ended positively.

The preferreds were up 10 cents to close at $25.00 on volume of about 639,000 shares.

Elsewhere in the REIT space, AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds were active but unchanged.

The preferreds finished flat at $26.12 with about 444,000 shares trading.

Sector peer Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were also rigid.

The preferreds were also flat to close at $25.89 on volume of about 315,000 shares.

Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock picked up 8 cents to close at $25.70 with about 580,000 shares trading.

In finance, Capital One Financial Corp.’s 6% series B fixed-rate non-cumulative perpetual preferreds dropped 5 cents to close at $25.26 on volume of about 219,000 shares.

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