Synovus preferreds add to recent gains; Wells Fargo edges lower; MetLife improves

By James McCandless

San Antonio, July 6 – Trading in the preferred market closed the short week on average volume.

Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock topped secondary trading again.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock saw more losses.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares ended the week rising.

Synovus up

Synovus’ $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock took the top position in secondary trading for the second day in a row.

The series D preferreds (NYSE: SNVPrD) were up 21 cents to close at $26.00 with about 279,000 shares trading.

On Thursday, the preferreds rose 7 cents.

On Monday, the company announced plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock.

Wells Fargo loses

Wells Fargo’s 8% series J non-cumulative perpetual class A preferred stock continued a downward trend in 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 down 2 cents on Friday to close at $25.66 on volume of about 267,000 shares.

MetLife gains

MetLife’s $805 million of 5.625% series E non-cumulative preferred shares closed the week improving.

The preferreds (NYSE: METPrE) were up 4 cents to $25.77 with about 248,000 shares exchanged.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.19% at market close, reducing some of the 0.27% gain seen in early Friday trading.

The iShares US Preferred Stock ETF was up 8 cents to $38.00.

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