MetLife improves; Capital One preferreds positive; AT&T tracks higher

By James McCandless

San Antonio, Jan. 14 – The preferred market saw gains across the board as activity Tuesday drew to a close.

Leading volume again, insurance company MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock improved.

Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was positive.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds ended on a modest gain.

Telecom services provider AT&T Inc.’s 5% series A perpetual preferred stock followed top traders higher.

Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were lifted.

MetLife up

Leading secondary volume for another day, insurance company MetLife’s recent 4.75% series F non-cumulative preferred stock improved.

The preferreds, trading under the temporary symbol “METFL,” were up 10 cents to $25.40 on volume of about 1.1 million shares.

On Monday, the preferreds lost 5 cents.

Capital One positive

Meanwhile, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock was positive at the end of the afternoon.

The preferreds (NYSE: COFPrI) picked up 5 cents to close at $25.31 with about 531,000 shares trading.

Sector peer First Republic’s 4.7% series J non-cumulative perpetual preferreds ended the session on a modest gain.

The preferreds (NYSE: FRCPrJ) gained 2 cents to close at $25.30 on volume of about 308,000 shares.

On Monday, the preferreds declined by 3 cents.

AT&T higher

Telecom services provider AT&T’s 5% series A perpetual preferred stock followed Tuesday’s top traders higher.

The preferreds (NYSE: TPrA) garnered 4 cents to close at $26.20 with about 451,000 shares trading.

On Monday, the preferreds moved up 8 cents.

Energy Transfer lifted

Elsewhere, in oil and gas, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were lifted by the close.

The preferreds (NYSE: ETPPrE) picked up 10 cents to close at $26.06 on volume of about 221,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index wrapped the day down by 0.04%, slightly better than the 0.06% dip from early Tuesday trading.

The iShares US Preferred Stock ETF was up 1 cent to $37.98.

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