Wells Fargo negative; MetLife preferreds lose; eBay $25-par notes picks up

By James McCandless

San Antonio, Sept. 24 – Entering the back half of the week, the preferred space ended Thursday with mostly downward shifts.

At the top of secondary trading volume again, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was negative.

Elsewhere in the finance space, Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferred stock improved, bucking the trend.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock spent the day heading lower.

Insurance carrier MetLife, Inc.’s 4.75% series F non-cumulative preferreds ended the afternoon losing ground.

Meanwhile, in the e-commerce space, eBay, Inc.’s 6% notes due 2056 closed the session picking up steam.

Wells Fargo negative

At the top of trading volume in the secondary market for the second straight day, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock led the negativity.

The preferreds (NYSE: WFCPrZ) were down 8 cents to close at $24.67 on volume of about 338,000 shares.

On Wednesday, the preferreds gave back 15 cents.

Elsewhere in the finance space, Charles Schwab’s 6% series C non-cumulative perpetual preferred stock improved, bucking the trend.

The preferreds (NYSE: SCHWPrC) moved up 13 cents to close at $25.49 with about 299,000 shares trading.

Sector peer Bank of America’s 5% series LL non-cumulative preferred stock spent the day heading lower.

The preferreds (NYSE: BACPrN) shaved off 11 cents to close at $25.92 on volume of about 285,000 shares.

MetLife loses

Insurance carrier MetLife’s 4.75% series F non-cumulative preferreds ended the afternoon losing ground.

The preferreds (NYSE: METPrF) dropped 19 cents to close at $26.06 with about 248,000 shares trading.

eBay up

Meanwhile, in the e-commerce space, eBay’s 6% notes due 2056 closed the Thursday session picking up steam.

The notes (Nasdaq: EBAYL) improved by 13 cents to close at $25.69 on volume of about 220,000 notes.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished activity down by 0.24%, better than the 0.29% slip in early Thursday trading.

The iShares US Preferred Stock ETF was down 2 cents to $35.76.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.