Capital One ends under par; AT&T preferreds gain; MetLife lower

By James McCandless

San Antonio, Sept. 11 – At the end of the holiday-shortened week, the preferred market ended with a downward shift.

At the top of secondary activity, Capital One Financial Corp.’s new $125 million 4.625% series K fixed-rate non-cumulative perpetual preferred stock closed under par.

The company’s more established 4.8% series J fixed-rate non-cumulative perpetual preferreds saw an improvement.

Elsewhere in the finance space, Huntington Bancshares, Inc.’s 6.25% series D non-cumulative perpetual preferred stock trended higher.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock drifted downward.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the afternoon with a gain.

Meanwhile, insurance carrier MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was pulled lower.

Capital One under par

At the top of the Friday secondary activity, Capital One’s new $125 million 4.625% series K fixed-rate non-cumulative perpetual preferred stock closed its first trading day under par while its more established 4.8% series J fixed-rate non-cumulative perpetual preferreds saw an improvement.

The series K preferreds, trading under the temporary symbol “COFKL,” closed at $24.67 on volume of about 1 million shares.

The deal priced on Thursday.

The series J preferreds (NYSE: COFPrJ) were up 8 cents to close at $24.61 on volume of about 213,000 shares.

On Thursday, the preferreds jumped up 43 cents.

Elsewhere, in the finance space, Huntington’s 6.25% series D non-cumulative perpetual preferred stock trended higher.

The preferreds (Nasdaq: HBANO) picked up 4 cents to close at $25.67 with about 596,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock drifted downward.

The preferreds (NYSE: WFCPrZ) fell 9 cents to close at $24.83 on volume of about 420,000 shares.

On Thursday, the preferreds tacked on 14 cents.

AT&T gains

Telecom services provider AT&T’s 4.75% series C perpetual preferred stock finished the afternoon with a small gain.

The preferreds (NYSE: TPrC) improved by 1 cent to close at $25.40 with about 248,000 shares trading.

MetLife lower

Meanwhile, insurance carrier MetLife’s 4.75% series F non-cumulative preferred stock was pulled lower.

The preferreds (NYSE: METPrF) declined by 11 cents to close at $26.01 on volume of about 112,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.11%, weakening from a 0.05% rise in early Friday trading.

The iShares US Preferred Stock ETF was down 4 cents to $36.23.

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