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Wells Fargo rises; Chimera preferreds gain; New Residential trends up
By James McCandless
San Antonio, April 7 – Tuesday’s preferred space saw top traders lead a general push upward, extending a positive run into a second day.
Leading the positive trend, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock rose 50 cents to close at $21.30 on volume of about 792,000 shares.
Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities picked up 6 cents to close at $19.16 with about 466,000 shares trading.
Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares gained 93 cents to close at $19.00 on volume of about 405,000 shares.
Meanwhile, REIT Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds jumped up $3.79 to close at $15.36 with about 377,000 shares trading.
New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred shares tacked on $1.51 to close at $11.65 on volume of about 352,000 shares.
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