Wells Fargo preferreds pushed down; AT&T rises; Just Energy slides

By James McCandless

San Antonio, Oct. 6 – Despite spending much of the day in positive territory, the preferred market saw some negativity after news of halted stimulus talks in the afternoon.

Leading the secondary activity again, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was pushed down.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock trailed.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds rose, also going against the late-day trend.

Meanwhile, Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares slid lower.

Wells Fargo down

Leading the secondary activity for another day, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock was pushed down.

The preferreds (NYSE: WFCPrZ) were down 3 cents to close at $25.31 on volume of about 287,000 shares.

On Monday, the preferreds shifted up 7 cents.

Elsewhere in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock trailed.

The preferreds (NYSE: COFPrJ) declined by 4 cents to close at $24.86 with about 276,000 shares trading.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved as the session ended.

The preferreds (NYSE: ALLYPrA) added 17 cents to close at $25.42 on volume of about 221,000 shares.

AT&T rises

Telecom services provider AT&T’s 4.75% series C perpetual preferreds rose, also going against the market’s late-day trend.

The preferreds (NYSE: TPrC) tacked on 3 cents to close at $26.24 with about 176,000 shares trading.

Just Energy lower

Meanwhile, utilities company Just Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares slid lower.

The preferreds (NYSE: JEPrA) dropped 34 cents to close at $3.02 on volume of about 174,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the afternoon up by 0.18%, building on the 0.06% gain in early Tuesday trading.

The iShares US Preferred Stock ETF was up 3 cents to $36.78.

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