Athene pushes higher; AT&T preferreds positive; Wells Fargo gains

By James McCandless

San Antonio, July 21 – At the end of the Tuesday session, the preferred market continued to see improvements.

As the volume leader, retirement name Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares pushed higher.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock ended the afternoon joining the positive trend.

Meanwhile, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock gained ground.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock finished the afternoon better.

Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units tracked upward.

Athene higher

As the day’s secondary volume leader, retirement name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares pushed higher.

The preferreds (NYSE: ATHPrC) were up 40 cents to close at $25.78 on volume of about 887,000 shares.

AT&T better

Telecom services provider AT&T’s 4.75% series C perpetual preferred stock ended the afternoon joining the positive trend.

The preferreds (NYSE: TPrC) gathered 7 cents to close at $24.51 with about 792,000 shares trading.

On Monday, the preferreds tacked on 1 cent.

Wells Fargo gains

Meanwhile, in the finance space, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock gained ground.

The preferreds (NYSE: WFCPrQ) moved up 11 cents to close at $25.00 on volume of about 763,000 shares trading.

On Monday, the preferreds garnered 19 cents.

Sector peer JPMorgan’s 5.75% series DD non-cumulative preferred stock finished the afternoon in a better position.

The preferreds (NYSE: JPMPrD) rose 12 cents to close at $27.50 with about 565,000 shares trading.

Energy Transfer rises

Elsewhere, in oil and gas, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units tracked upward.

The preferreds (NYSE: ETPPrE) picked up 36 cents to close at $19.36 on volume of about 757,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session up by 0.44%, higher than the 0.28% pickup in early Tuesday trading.

The iShares US Preferred Stock ETF was up 16 cents to $35.53.

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