U.S. Bancorp preferreds higher; MetLife boosted; Energy Transfer weaker

By James McCandless

San Antonio, Dec. 9 – In the middle of the week, the preferred market was volatile as top traders skewed upward.

Moving along the top of the secondary, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock shifted higher.

Elsewhere in the finance space, Morgan Stanley’s series A floating rate non-cumulative preferred stock were better off by the end.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds finished on the positive side.

Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was boosted as the session neared the close.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units weakened.

U.S. Bancorp higher

Moving along the top of the secondary space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock shifted higher.

The preferreds (NYSE: USBPrB) were up 18 cents to close at $24.38 on volume of about 656,000 shares.

Elsewhere in the finance space, Morgan Stanley’s series A floating rate non-cumulative preferred stock were better off by the end of the day.

The preferreds (NYSE: MSPrA) improved by 10 cents to close at $24.95 with about 189,000 shares trading.

Sector peer PNC Financial’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds finished the afternoon on the positive side.

The preferreds (NYSE: PNCPrP) were carried up 5 cents to close at $26.48 on volume of about 171,000 shares.

On Tuesday, the preferreds added 8 cents.

MetLife boosted

Insurance provider MetLife’s 4.75% series F non-cumulative preferred stock was boosted as the session neared the close.

The preferreds (NYSE: METPrF) leaped 17 cents to close at $27.08 with about 116,000 shares trading.

Energy Transfer weaker

Meanwhile, oil and gas name Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units weakened.

The preferreds (NYSE: ETPPrE) shaved off 17 cents to close at $22.67 on volume of about 110,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended Wednesday up by 0.15%.

The index capped Tuesday up by 0.21%, finished Monday down by 0.07% and closed Friday up by 0.16%.

The iShares US Preferred Stock ETF was down 4 cents to $37.95.

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