Wells Fargo active, unchanged; New Residential preferreds jump; AT&T gains

By James McCandless

San Antonio, May 5 – The preferred market trended upward on Tuesday, despite ending the session moving downward.

At the top of volume in the secondary, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred shares finished flat to close at $26.60 on volume of about 318,000 shares.

Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds tacked on 1 cent to close at $26.05 with about 299,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained 29 cents to close at $22.15 on volume of about 276,000 shares.

Meanwhile, REIT New Residential Investment Corp.’s 6.375% series C and 7.125% series B fixed-to-floating rate cumulative redeemable preferred stocks both jumped.

The series C preferreds hopped up $1.69 to close at $17.97 with about 305,000 shares trading.

The series B preferreds improved by $1.12 to close at $18.70 with about 252,000 shares trading.

Telecom name AT&T Inc.’s 5% series A cumulative redeemable preferreds picked up 3 cents to close at $25.05 on volume of about 217,000 shares.

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