AT&T preferreds higher; U.S. Bancorp dives; Argo Group lifted

By James McCandless

San Antonio, Aug. 24 – Opening up a new week, the preferred space saw positivity prevail over multiple sectors.

Leading the day in the secondary, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds were up 3 cents to close at $25.40 on volume of about 397,000 shares.

Elsewhere, in the finance space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds dropped 50 cents to close at $22.98 with about 312,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds gained 19 cents to close at $25.18 on volume of about 284,000 shares.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares tacked on 13 cents to close at $24.02 with about 257,000 shares trading.

Insurance company Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preferreds pushed up 24 cents to close at $25.80 on volume of about 253,000 shares.

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