Morning Commentary: Wells Fargo preferreds decline; AT&T lower; Public Storage dips

By James McCandless

San Antonio, Oct. 2 – Markets, including the preferred space, began the last day of the week under pressure as Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.34%.

At the top of early secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was declining.

The preferreds (NYSE: WFCPrZ) were down 8 cents to $25.21 on volume of about 59,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was relatively active but unchanged so far.

The preferreds (NYSE: COFPrJ) were holding level at $24.77 with about 41,000 shares trading.

Sector peer Atlantic Union Bankshares Corp.’s 6.875% series A perpetual non-cumulative preferreds were also under water.

The preferreds (Nasdaq: AUBAP) were shedding 12 cents to $26.25 on volume of about 22,000 shares.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock started the session with modest losses.

The preferreds (NYSE: TPrC) were shaving off 4 cents to $25.86 with about 34,000 shares trading.

Meanwhile, real estate investment trust Public Storage’s new 3.875% series N cumulative preferred shares also moved along the negative trend.

The preferreds, trading under the temporary symbol “PSADL,” were dipping 2 cents to $24.78 on volume of about 32,000 shares.

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