Wells Fargo under pressure; MetLife preferreds slide; Armour lifted

By James McCandless

San Antonio, Jan. 27 – As a new week began, the preferred space showed weakness prevalent in other markets.

Remaining on top of activity, Wells Fargo & Co.’s recent 4.75% series Z non-cumulative perpetual class A preferred stock was under pressure. The preferreds, trading under the temporary symbol “WFCZL,” were down 1 cent to close at $25.21 on volume of about 1.4 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock gained 7 cents to close at $25.47 with about 254,000 shares trading.

Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferreds slid lower, following the market trend. The preferreds dipped 12 cents to close at $25.37 on volume of about 741,000 shares.

Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s new 7% series C perpetual cumulative redeemable preferreds were lifted. The preferreds rose 17 cents to close at $25.15 with about 442,000 shares trading.

Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock picked up 64 cents to close at $16.74 on volume of about 276,000 shares.

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