AT&T preferreds higher; U.S. Bancorp dives; Argo Group lifted

By James McCandless

San Antonio, Aug. 24 – Opening up a new week, the preferred space saw positivity prevail over multiple sectors.

Leading the day in the secondary, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock shifted higher.

Elsewhere, in the finance space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock dived.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the trend.

Insurance company Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preferreds were lifted.

AT&T higher

Leading the day in the secondary market, telecom services provider AT&T’s 4.75% series C perpetual preferred stock shifted higher.

The preferreds (NYSE: TPrC) were up 3 cents to close at $25.40 on volume of about 397,000 shares.

On Friday, the preferreds were pushed down 11 cents.

U.S. Bancorp dives

Elsewhere, in the finance space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock took a dive.

The preferreds (NYSE: USBPrH) dropped 50 cents to close at $22.98 with about 312,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock improved as the afternoon ended.

The preferreds (NYSE: WFCPrZ) gained 19 cents to close at $25.18 on volume of about 284,000 shares.

On Friday, the preferreds shaved off 5 cents.

Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the overarching trend.

The preferreds (NYSE: COFPrJ) tacked on 13 cents to close at $24.02 with about 257,000 shares trading.

Argo lifted

Insurance company Argo Group’s 7% resettable fixed-rate preferreds were lifted as the session wrapped up.

The preferreds (NYSE: ARGOPrA) pushed up 24 cents to close at $25.80 on volume of about 253,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.14%, holding from a 0.14% rise from early Monday trading.

The iShares US Preferred Stock ETF was up 16 cents to $36.69.

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