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Wells Fargo declines; AT&T preferreds rise; MetLife improves
By James McCandless
San Antonio, April 16 – The preferred market experienced a seesawing day on Thursday, with top traders trending modestly positive.
Leading the day’s secondary activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock declined.
Elsewhere in the finance space, Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock was shifting downward.
Sector peer JPMorgan Chase & Co.’s 5.75% series D non-cumulative preferreds spent the session improving.
Telecom services provider AT&T Inc.’s 5% series A cumulative perpetual preferred stock was on the rise.
Meanwhile, insurance company MetLife, Inc.’s 5.625% series E non-cumulative preferred stock improved at the end of the afternoon.
Wells Fargo down
On top of the day’s secondary activity, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock saw a decline.
The preferreds (NYSE: WFCPrZ) were down 16 cents to close at $22.82 on volume of about 429,000 shares.
On Wednesday, the preferreds picked up 3 cents.
Elsewhere in the finance space, Goldman Sachs’ series D floating rate non-cumulative preferred stock was also shifting downward.
The preferreds (NYSE: GSPrD) dropped 40 cents to close at $20.02 with about 371,000 shares trading.
Sector peer JPMorgan’s 5.75% series D non-cumulative preferreds spent the Thursday session improving.
The preferreds (NYSE: JPMPrD) gained 19 cents to close at $26.27 on volume of about 368,000 shares.
AT&T rises
Telecom services provider AT&T’s 5% series A cumulative perpetual preferred stock was on the rise.
The preferreds (NYSE: TPrA) picked up 14 cents to close at $24.83 with about 212,000 shares trading.
MetLife up
Meanwhile, insurance company MetLife’s 5.625% series E non-cumulative preferred stock improved at the end of the afternoon.
The preferreds (NYSE: METPrE) tacked on 5 cents to close at $25.93 on volume of about 208,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index ended the afternoon up by 0.07%, better than the 0.50% dip from early Thursday trading.
The iShares US Preferred Stock ETF was down 5 cents to $33.45.
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