Wells Fargo preferreds better; MetLife moves higher; AT&T positive

By James McCandless

San Antonio, Jan. 21 – The preferred market started the holiday week with improvements across several sectors.

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

Elsewhere in the finance space, JPMorgan Chase & Co.‘s 6% series EE non-cumulative preferred stock saw a dive.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds slipped.

Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock moved higher.

Telecom services name AT&T, Inc.’s 5% series A cumulative perpetual preferred stock finished on the positive side.

Wells Fargo better

Leading volume in the secondary market again, Wells Fargo’s new 4.75% series Z non-cumulative perpetual class A preferred stock was better at the end of the day.

The preferreds, trading under the temporary symbol “WFCZL,” were up 4 cents to close at $25.04 on volume of about 2.9 million shares.

On Friday, the preferreds inched up 1 cent.

Elsewhere in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock saw a dive at the end of the afternoon.

The preferreds (NYSE: JPMPrC) dropped 35 cents to close at $27.98 with about 716,000 shares trading.

On Friday, the preferreds spilled 38 cents.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds slipped to lower levels.

The preferreds (NYSE: COFPrI) shaved off 4 cents to close at $25.36 on volume of about 311,000 shares.

MetLife up

Meanwhile, insurance company MetLife’s 4.75% series F non-cumulative preferred stock moved higher as the session closed.

The preferreds (NYSE: METPrF) added 13 cents to close at $25.49 with about 1.6 million shares trading.

On Friday, the preferreds gained 6 cents.

AT&T rises

Telecom services provider AT&T’s 5% series A cumulative perpetual preferred stock finished on the positive side.

The preferreds (NYSE: TPrA) tacked on 3 cents to close at $26.08 on volume of about 358,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended lower by 0.16%, reversing a 0.05% gain from early Tuesday trading.

The iShares US Preferred Stock ETF held level at $38.07.

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