Capital One preferreds positive; AGNC weaker; SoCal Edison closes better

By James McCandless

San Antonio, Oct. 4 – The preferred market ended the week on a positive shift with top traders seeing improvements.

Capping off the week in first position, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved up.

Elsewhere in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock also ended on better footing.

REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds finished weaker.

Sector peer Digital Realty Trust, Inc.’s new 5.2% series L cumulative redeemable preferred stock rose.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.45% cumulative fixed-to-floating rate trust preference securities close better.

Capital One positive

Capping off the week in first position in secondary trading, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock finished on a positive note.

The preferreds (NYSE: COFPrI) were up 11 cents to close at $24.93 on volume of about 332,000 shares.

On Thursday, the preferreds dipped 4 cents.

Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock ended Friday on better footing.

The preferreds (NYSE: BACPrN) gained 5 cents to close at $25.68 with about 261,000 shares trading.

On Thursday, the preferreds fell 3 cents.

AGNC weaker

Meanwhile, real estate investment trust AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds finished the session weaker.

The preferreds (Nasdaq: AGNCO) declined by 3 cents to close at $25.11 on volume of about 328,000 shares.

On Thursday, the preferreds improved by 10 cents.

Sector peer Digital Realty’s new 5.2% series L cumulative redeemable preferred stock rose by the end of the day.

The preferreds, trading under the temporary symbol “DLRTP,” moved up 3 cents to close at $25.13 with about 322,000 shares trading.

On Thursday, the preferreds gained 7 cents.

SoCal Edison better

In utilities, Southern California Edison’s 5.45% cumulative fixed-to-floating rate trust preference securities closed better.

The preferreds (NYSE: SCEPrK) tacked on 1 cent to close at $24.36 on volume of about 214,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.23%, pushing higher from a 0.05% rise in early Friday trading.

The iShares US Preferred Stock ETF was up 6 cents to $37.29.

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