Morning Commentary: Wells Fargo preferreds gain; National Retail Properties improves

By James McCandless

San Antonio, July 5 – Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock started post-holiday trading on top of the secondary market.

Last week, the bank passed the most recent series of Federal Reserve stress tests and raised its dividend for its common stock.

The preferreds (NYSE: WFCPrJ) were up 3 cents to $25.67 with about 62,000 shares trading.

National Retail Properties, Inc.’s series F cumulative redeemable preferred stock saw a boost in activity.

The preferreds (NYSE: NNNPrF) were up 13 cents to $23.89 with about 52,000 shares exchanged, already outpacing its normal volume of about 22,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% in early trading, continuing off of the 0.30% gain at the market close on Tuesday.

U.S. markets were closed Wednesday for the Independence Day holiday.

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