Duke Energy preferreds negative; Wells Fargo down; AT&T pushed lower

By James McCandless

San Antonio, Sept. 4 – The preferred space capped the Friday session with sustained negativity carried over from the rest of the week.

Leading the secondary volume, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock saw negativity.

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

Sector peer Goldman Sachs Group, Inc.’s 6.375% series K fixed-to-floating rate perpetual non-cumulative preferreds followed the trend.

PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferred stock moved on an upward track.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock was pushed lower.

Duke negative

Leading the Friday secondary volume, utilities provider Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock saw negativity.

The preferreds (NYSE: DUKPrA) were down 9 cents to close at $27.92 on volume of about 224,000 shares.

Wells Fargo under

Elsewhere, in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock was under water.

The preferreds (NYSE: WFCPrZ) shaved off 5 cents to close at $24.83 with about 199,000 shares trading.

On Thursday, the preferreds declined by 8 cents.

Sector peer Goldman Sachs’ 6.375% series K fixed-to-floating rate perpetual non-cumulative preferreds followed the prevailing trend.

The preferreds (NYSE: GSPrK) chalked off 4 cents to close at $28.01 on volume of about 190,000 shares.

PNC’s 5.375% series Q non-cumulative perpetual preferred stock moved on an upward track as the session came to a close.

The preferreds (NYSE: PNCPrQ) improved by 1 cent to close at $25.00 with about 186,000 shares trading.

AT&T lower

Meanwhile, telecom services company AT&T’s 4.75% series C perpetual preferred stock was pushed lower.

The preferreds (NYSE: TPrC) gave back 12 cents to close at $25.28 on volume of about 169,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.39%.

The iShares US Preferred Stock ETF was down 2 cents to $36.24.

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