Wells Fargo preferreds diverge; MetLife sees positive push; AT&T better

By James McCandless

San Antonio, Jan. 30 – In the back half of the week in preferred trading, the market continued a run of upward movement on Thursday.

Leading in secondary activity, Wells Fargo & Co.’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferred stocks diverged in direction.

Elsewhere in the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock ended weaker.

Sector peer Dime Community Bancshares, Inc.’s new $65.2 million 5.5% series A fixed-rate non-cumulative perpetual preferreds ended well above par.

Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock saw a positive push.

Telecom services provider AT&T Inc.’s 5% series A cumulative perpetual preferred stock closed in a better position.

Wells Fargo mixed

Leading in Thursday secondary activity, Wells Fargo’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferred stocks diverged in direction.

The series Z preferreds (NYSE: WFCPrZ) were up 2 cents to close at $25.23 on volume of about 2.9 million shares.

On Wednesday, the preferreds shaved off 4 cents.

The series V preferreds (NYSE: WFCPrV) shaved off 10 cents to close at $25.95 on volume of about 509,000 shares.

Elsewhere in the finance space, Capital One’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock ended the afternoon weaker.

The preferreds, trading under the temporary symbol “CPONZ,” lost 8 cents to close at $24.84 with about 2.6 million shares trading.

On its first day of trading Wednesday, the preferreds finished below par.

Sector peer Dime’s new $65.2 million 5.5% series A fixed-rate non-cumulative perpetual preferreds ended its first day well above par.

The preferreds, trading under the temporary symbol “DIMEP,” finished at $25.48 on volume of about 887,000 shares.

MetLife positive

Meanwhile, insurance provider MetLife’s 4.75% series F non-cumulative preferred stock saw a positive push to finish the day.

The preferreds (NYSE: METPrF) gained 5 cents to close at $25.72 with about 1.7 million shares trading.

On Wednesday, the preferreds rose 14 cents.

AT&T better

Telecom services provider AT&T’s 5% series A cumulative perpetual preferred stock closed in a better position.

The preferreds (NYSE: TPrA) improved by 8 cents to close at $25.95 on volume of about 204,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index settled the session up by 0.19%, moving past the 0.04% gain in early Thursday trading.

The iShares US Preferred Stock ETF was up 9 cents to $38.23.

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