Capital One improves; AGNC preferreds dip; Southern California Edison active, flat

By James McCandless

San Antonio, Feb. 7 – At the end of the week’s trading, the preferred space’s top traders diverged in direction.

Finishing at the top of the secondary, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock also tracked higher.

REIT AGNC Investment Corp.’s new 6.125% series F fixed-to-floating rate cumulative redeemable preferreds saw a dip.

Sector peer PS Business Parks, Inc.’s 5.25% series X cumulative preferred stock pushed upward by the close.

Meanwhile, utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities end level on high activity.

Capital One up

Finishing at the top of trading in the secondary market, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: COFPrJ) were up 6 cents to close at $24.92 on volume of about 1.1 million shares.

On Thursday, the preferreds tacked on 4 cents.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock also tracked higher.

The preferreds (NYSE: WFCPrZ) gained 13 cents to close at $25.42 with about 1 million shares trading.

On Thursday, the preferreds improved by 7 cents.

AGNC dips

Real estate investment trust AGNC’s new 6.125% series F fixed-to-floating rate cumulative redeemable preferreds saw a dip.

The preferreds, trading under the temporary symbol “AINGZ,” shed 6 cents to close at $24.94 on volume of about 897,000 shares.

On Thursday, the preferreds rose 2 cents.

Sector peer PS Business Parks’ 5.25% series X cumulative preferred stock pushed upward by the Friday close.

The preferreds (NYSE: PSBPrX) jumped up 69 cents to close at $27.53 with about 383,000 shares trading.

SoCal Edison active, flat

Meanwhile, utilities name Southern California Edison’s 5% cumulative trust preference securities ended level on relatively high activity.

The preferreds (NYSE: SCEPrL) closed unchanged at $24.00 on volume of about 578,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week up by 0.21%, rising above a 0.06% gain in early Friday trading.

The iShares US Preferred Stock ETF was down 4 cents to $38.11.

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