Wells Fargo under pressure; AT&T preferreds dip; Two Harbors falls

By James McCandless

San Antonio, July 13 – The preferred market ended the Monday session on a downward trend across multiple sectors.

Leading the day’s secondary activity, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were down 21 cents to close at $24.67 on volume of about 320,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred shares improved by 5 cents to close at $25.60 with about 201,000 shares trading.

Telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferred shares shaved off 18 cents to close at $24.19 on volume of about 263,000 shares..

Meanwhile, REIT Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferreds dived 33 cents to close at $19.82 with about 201,000 shares trading.

Sector peer Invesco Mortgage Capital’s 7.75% series A cumulative redeemable preferreds were dragged down 69 cents to close at $21.60 on volume of about 175,000 shares trading.

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