Wells Fargo active, flat; Vornado preferreds gain; Selective unchanged

By James McCandless

San Antonio, Dec. 4 – Despite the overall preferred market keeping up an upward push, top traders skewed negative on Friday.

Leading the secondary, Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred stock was active but flat.

Elsewhere in the finance space, Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferred stock declined.

Sector peer Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds finished the session under water.

Property name Vornado Realty Trust’s 5.25% series N cumulative redeemable preferred stock gained some ground.

Meanwhile, insurance carrier Selective Insurance Group, Inc.’s new 4.6% series B non-cumulative preferred stock went unchanged.

Wells Fargo active, flat

Leading secondary activity on Friday, Wells Fargo’s 6% series V non-cumulative perpetual class A preferred stock was active but flat.

The preferreds (NYSE: WFCPrV) were rigid to close at $24.99 on volume of about 683,000 shares.

Elsewhere in the finance space, Charles Schwab’s 6% series C non-cumulative perpetual preferred stock ended the week on a decline.

The preferreds (NYSE: SCHWPrC) were pushed down 5 cents to close at $25.30 with about 312,000 shares.

Sector peer Citigroup’s 6.875% series K fixed-to-floating rate non-cumulative preferreds finished the session under water.

The preferreds NYSE: CPrK) dropped 32 cents to close at $28.43 on volume of about 272,000 shares.

Vornado gains

Real estate investment trust Vornado’s 5.25% series N cumulative redeemable preferred stock gained some ground.

The preferreds (NYSE: VNOPrN) improved by 9 cents to close at $25.19 with about 218,000 shares trading.

On Thursday, the preferreds gained 2 cents.

Selective

Meanwhile, insurance carrier Selective Insurance’s new 4.6% series B non-cumulative preferred stock went unchanged.

The preferreds, trading under the temporary symbol “SLIG,” held level to close at $25.80 on volume of about 203,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed out the week up by 0.16%.

The index ended up by 0.15% on Thursday, finished Wednesday up by 0.35% and was up by 0.12% on Tuesday.

The index improved by 0.28% this week.

The iShares US Preferred Stock ETF was up 4 cents to $37.84.

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