Wells Fargo preferreds better; MetLife moves higher; AT&T positive

By James McCandless

San Antonio, Jan. 21 – The preferred market started the holiday week with improvements across several sectors.

Leading the secondary again, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred shares were up 4 cents to close at $25.04 on volume of about 2.9 million shares.

Elsewhere in the finance space, JPMorgan Chase & Co.‘s 6% series EE non-cumulative preferred stock saw a dive, dropping 35 cents to close at $27.98 with about 716,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds slipped 4 cents to close at $25.36 on volume of about 311,000 shares.

Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock moved higher. The preferreds (NYSE: METPrF) added 13 cents to close at $25.49 with about 1.6 million shares trading.

Telecom services name AT&T, Inc.’s 5% series A cumulative perpetual preferred stock finished on the positive side, tacking on 3 cents to close at $26.08 on volume of about 358,000 shares.

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