Wells Fargo preferreds trend lower; MetLife drops; Armour Residential negative

By James McCandless

San Antonio, Jan. 31 – At the end of the Friday session, the preferred market skewed negative after a largely positive week.

Remaining at the top of the secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock and 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock were mixed, trending lower.

The series Z preferreds were down 9 cents to close at $25.14 on volume of about 5.8 million shares.

The series Q preferreds held level to close at $27.18 on volume of about 626,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferreds shaved off 5 cents to close at $24.79 with about 965,000 shares trading.

Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferred added 1 cent to close at $27.75 on volume of about 610,000 shares.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock slipped 14 cents to close at $25.58 with about 4.5 million shares trading.

Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s 7% series C cumulative redeemable preferred stock shaved off 6 cents to close at $25.10 on volume of about 238,000 shares.

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