Wells Fargo pushes higher; AT&T preferreds gain; MetLife better

By James McCandless

San Antonio, March 4 – As Wednesday afternoon came to a close, the preferred space saw uniform gains in several sectors.

Leading secondary market activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock pushed higher.

Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock received a boost.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the prevailing trend.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock gained.

Insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock finished in a better position.

Wells Fargo higher

Leading Wednesday’s secondary market activity, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock pushed higher.

The preferreds (NYSE: WFCPrZ) were up 19 cents to close at $25.20 on volume of about 945,000 shares.

Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock received a boost.

The preferreds (NYSE: MSPrK) were lifted 59 cents to close at $27.60 with about 933,000 shares trading.

On Tuesday, the preferreds dropped 34 cents.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the prevailing trend.

The preferreds (NYSE: COFPrI) picked up 14 cents to close at $24.99 on volume of about 439,000 shares.

On Tuesday, the preferreds improved by 26 cents.

AT&T rises

Meanwhile, telecom services provider AT&T’s 4.75% series C perpetual preferred stock gained as the day progressed.

The preferreds (NYSE: TPrC) moved up 10 cents to close at $25.06 with about 562,000 shares trading.

On Tuesday, the preferreds tacked on 28 cents.

MetLife better

Insurance name MetLife’s 4.75% series F non-cumulative preferred stock finished the session in a better position.

The preferreds (NYSE: METPrF) garnered 27 cents to close at $25.42 on volume of about 390,000 shares.

On Tuesday, the preferreds slipped 35 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day higher by 1.30%, improving on a 0.43% bump in early Wednesday trading.

The iShares US Preferred Stock ETF was up 58 cents to $37.24.

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