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 preferreds were down 16 cents to close at $22.82 on volume of about 429,000 shares.

Elsewhere in the finance space, Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferreds dropped 40 cents to close at $20.02 with about 371,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series D non-cumulative preferreds gained 19 cents to close at $26.27 on volume of about 368,000 shares.

Telecom services provider AT&T Inc.’s 5% series A cumulative perpetual preferreds picked up 14 cents to close at $24.83 with about 212,000 shares trading.

Meanwhile, insurance company MetLife, Inc.’s 5.625% series E non-cumulative preferreds tacked on 5 cents to close at $25.93 on volume of about 208,000 shares.

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