Morning Commentary: Wells Fargo perpetual preferred stock gains; Bank of America rises

By James McCandless

San Antonio, July 9 – Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock started the week leading in early trading.

Recently, 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 2 cents to $25.68 with about 61,000 shares trading.

Bank of America Corp.’s 6.204% series D non-cumulative preferred stock saw an increase in activity on Monday.

The preferreds (NYSE: BACPrD) were up 7 cents to $25.62 with about 59,000 shares exchanged, nearly surpassing its average daily volume.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.17% in early trading, reversing a 0.19% gain at market close on Friday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.