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Morning Commentary: Capital One preferreds open below par; American Homes edges lower
By James McCandless
San Antonio, Sept. 11 – The preferred space was improving early Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.05%.
Leading the early secondary activity, Capital One Financial Corp.’s new $125 million 4.625% series K and established 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were active.
The series K preferreds, trading under the temporary symbol “COFKL,” were seen under par at $24.75 on volume of about 441,000 shares.
The series J preferreds (NYSE: COFPrJ) were up 6 cents to $24.59 on volume of about 81,000 shares.
Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities was trending negatively.
The preferreds (NYSE: ALLYPrA) were shaving off 2 cents to $24.78 with about 26,000 shares trading.
Real estate investment trust American Homes 4 Rent’s 6.5% series D cumulative perpetual preferreds were also trailing.
The preferreds (NYSE: AMHPrD) were dipping 3 cents to $25.88 on volume of about 103,000 shares.
Sector peer Public Storage’s 5.6% series H and 4.625% series L cumulative preferred shares were moving in different directions.
The series H preferreds (NYSE: PSAPrH) were declining by 6 cents to $28.57 with about 52,000 shares trading.
The series L preferreds (NYSE: PSAPrL) were tacking on 3 cents to $27.05 with about 49,000 shares trading.
Also, Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferred stock was shifting lower.
The preferreds (NYSE: DLRPrK) were slipping 5 cents to $27.59 on volume of about 45,000 shares.
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