| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Wells Fargo & Co. > News item |
Morning Commentary: AT&T rises; Ashford Hospitality preferreds jump; Athene improves
By James McCandless
San Antonio, July 21 – The preferred space started Tuesday extending a positive run with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.28%.
Leading the morning’s secondary activity, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was on the rise.
The preferreds (NYSE: TPrC) were up 6 cents to $24.50 on volume of about 83,000 shares.
Meanwhile, real estate investment trust Ashford Hospitality Trust, Inc.’s 7.5% series H and 8.45% series D cumulative preferred stocks were both shooting higher.
The series H preferreds (NYSE: AHTPrH) were jumping up $1.95 to $8.05 with about 73,000 shares trading.
The series D preferreds (NYSE: AHTPrD) were improving by $1.62 to $8.21 with about 41,000 shares trading.
On Tuesday morning, the company announced that it was offering to exchange four series of preferred stock, including the series H and D preferreds, for $9.75 in cash or 2.64 shares in common stock.
Retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares joined the trend.
The preferreds (NYSE: ATHPrC) were gaining 37 cents to $25.75 on volume of about 70,000 shares.
In the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were also being lifted.
The preferreds (NYSE: WFCPrQ) were adding 18 cents to $25.07 with about 54,000 shares trading.
Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also shifting to better levels.
The preferreds (NYSE: ALLYPrA) were tacking on 9 cents to $23.96 on volume of about 37,000 shares.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.