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 preferred stock declined.

Elsewhere in the finance space, Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock was shifting downward.

Sector peer JPMorgan Chase & Co.’s 5.75% series D non-cumulative preferreds spent the session improving.

Telecom services provider AT&T Inc.’s 5% series A cumulative perpetual preferred stock was on the rise.

Meanwhile, insurance company MetLife, Inc.’s 5.625% series E non-cumulative preferred stock improved at the end of the afternoon.

Wells Fargo down

On top of the day’s secondary activity, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock saw a decline.

The preferreds (NYSE: WFCPrZ) were down 16 cents to close at $22.82 on volume of about 429,000 shares.

On Wednesday, the preferreds picked up 3 cents.

Elsewhere in the finance space, Goldman Sachs’ series D floating rate non-cumulative preferred stock was also shifting downward.

The preferreds (NYSE: GSPrD) dropped 40 cents to close at $20.02 with about 371,000 shares trading.

Sector peer JPMorgan’s 5.75% series D non-cumulative preferreds spent the Thursday session improving.

The preferreds (NYSE: JPMPrD) gained 19 cents to close at $26.27 on volume of about 368,000 shares.

AT&T rises

Telecom services provider AT&T’s 5% series A cumulative perpetual preferred stock was on the rise.

The preferreds (NYSE: TPrA) picked up 14 cents to close at $24.83 with about 212,000 shares trading.

MetLife up

Meanwhile, insurance company MetLife’s 5.625% series E non-cumulative preferred stock improved at the end of the afternoon.

The preferreds (NYSE: METPrE) tacked on 5 cents to close at $25.93 on volume of about 208,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended the afternoon up by 0.07%, better than the 0.50% dip from early Thursday trading.

The iShares US Preferred Stock ETF was down 5 cents to $33.45.

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