Just Energy preferreds improve; Wells Fargo positive; AT&T rises

By James McCandless

San Antonio, July 20 – Opening up the week, the preferred space extended last week’s positive push.

Leading the secondary market, utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares improved.

Elsewhere, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds also saw positivity.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the day’s trend.

Meanwhile, in telecom, AT&T, Inc.’s 4.75% series C perpetual preferred stock ended the afternoon on the positive side.

Real estate investment trust Global Net Lease, Inc.’s 7.25% series A cumulative redeemable preferred stock jumped.

Just Energy rises

Leading the Monday secondary market, utilities provider Just Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares improved.

The preferreds (NYSE: JEPrA) were up 11 cents to close at $2.40 on volume of about 242,000 shares.

Wells Fargo adds

Elsewhere, in the finance space, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds also saw positivity by session’s end.

The preferreds (NYSE: WFCPrQ) garnered 19 cents to close at $24.89 with about 200,000 shares trading.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also followed the day’s trend.

The preferreds (NYSE: ALLYPrA) improved by 21 cents to close at $23.87 on volume of about 191,000 shares trading.

On Friday, the preferreds shaved off 5 cents.

AT&T positive

Meanwhile telecom services provider AT&T’s 4.75% series C perpetual preferred stock ended the afternoon up.

The preferreds (NYSE: TPrC) tacked on 1 cent to close at $24.44 with about 196,000 shares trading.

On Friday, the preferreds picked up 5 cents.

Global Net jumps

Real estate investment trust Global Net Lease’s 7.25% series A cumulative redeemable preferred stock jumped to better levels.

The preferreds (NYSE: GNLPrA) shot up 35 cents to close at $23.85 on volume of about 180,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.41%, wider than the 0.10% boost in early Monday trading.

The iShares US Preferred Stock ETF was up 5 cents to $35.37.

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