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Morning Commentary: Preferreds strengthen; Wells Fargo securities see early gains
By Abigail W. Adams
Portland, Me., March 15 – The preferreds space saw gains early in Thursday’s session with two main market indicators up.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.06% early in Thursday’s session. The U.S. iShares Preferred Stock ETF rose 0.13%.
Wells Fargo & Co.’s depositary shares were active and making gains early Thursday after a roller coaster ride in February that saw the preferreds drop after an onslaught of negative publicity and regulatory action.
Wells Fargo’s depositary shares representing the company’s 8% series J non-cumulative perpetual class A preferred stock traded up to $25.78, an increase of 3 cents or 0.13%.
The depositary preferreds representing the company’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual preferreds traded up to $26.62, an increase of 2 cents or 0.08%.
The depositary preferreds representing the company’s 6% series T non-cumulative perpetual class A preferred stock traded up to $25.77, an increase of 4 cents or 0.14%.
The depositary preferreds representing the company’s 6% series V non-cumulative perpetual class A preferred stock was traded up to $26.22, an increase of 7 cents or 0.27%.
The depositary preferreds representing the company’s 5.5% series X non-cumulative class A preferred stock traded up to $25.04, an increase of 8 cents or 0.33%.
The depositary preferreds representing the company’s 5.63% series Y non-cumulative perpetual preferred stock traded up to $25.26, an increase of 3 cents or 0.12%.
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