Morning Commentary: Wells Fargo preferreds down in early trading; Deutsche Bank improves

By James McCandless

San Antonio, June 29 – Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock led early trading a day after the bank passed the most recent series of Federal Reserve stress tests and raised its dividend for common stock.

The preferreds (NYSE: WFCPrJ) were down 13 cents to $25.71 with about 117,000 shares trading.

Deutsche Bank AG’s 8.05% trust preferred securities improved. Reports confirmed Thursday that the company’s U.S. division had failed the Federal Reserve’s most recent stress test, citing “widespread and critical deficiencies across the firm’s capital-planning practices.”

Last year, the Federal Reserve designated the bank’s American operations to be in “troubled condition.”

The preferreds (NYSE: DKT) were up 4 cents to $25.12 with about 77,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.13% in early trading, continuing to climb after a 0.27% gain at the market close on Thursday.

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