Wells Fargo preferreds improve; Just Energy sinks; Southern Co. $25-par notes negative

By James McCandless

San Antonio, Sept. 28 – The preferred market started a new week by carrying over the upward movement from Friday.

Leading the secondary space volume, Wells Fargo & Co.’s 4.75% series Z and 5.625% series Y non-cumulative perpetual class A preferred stocks both improved.

The series Z preferreds were up 21 cents to close at $25.08 on volume of about 291,000 shares.

The series Y preferreds gained 12 cents to close at $26.16 on volume of about 257,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock picked up 13 cents to close at $27.57 with about 272,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds tacked on 19 cents to close at $24.63 on volume of about 223,000 shares.

Meanwhile, in utilities, Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares dropped 34 cents to close at $3.02 with about 174,000 shares trading.

Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 shaved off 1 cent to close at $25.37 on volume of about 169,000 notes.

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