Wells Fargo active, flat; Vornado preferreds gain; Selective unchanged

By James McCandless

San Antonio, Dec. 4 – Despite the overall preferred market keeping up an upward push, top traders skewed negative on Friday.

Leading the secondary, Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred stock was active but flat, closing at $24.99 on volume of about 683,000 shares..

Elsewhere in the finance space, Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferreds were pushed down 5 cents to close at $25.30 with about 312,000 shares.

Sector peer Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds finished the session under water. The preferreds dropped 32 cents to close at $28.43 on volume of about 272,000 shares.

Property name Vornado Realty Trust’s 5.25% series N cumulative redeemable preferreds improved by 9 cents to close at $25.19 with about 218,000 shares trading.

Meanwhile, insurance carrier Selective Insurance Group, Inc.’s new 4.6% series B non-cumulative preferreds held level to close at $25.80 on volume of about 203,000 shares.

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