Citigroup jumps; AT&T preferreds under pressure; Energy Transfer declines

By James McCandless

San Antonio, Oct. 7 – The preferred space ended the middle of the week session with modest gains while top traders diverged.

At the top of the day’s secondary, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities jumped upward.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock declined.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferreds closed on the positive side.

Telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was pushed lower by the end of the session.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

Citigroup jumps

At the top of the day’s secondary trading, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities jumped upward.

The preferreds (NYSE: CPrN) were up 35 cents to close at $27.81 on volume of about 238,000 shares.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock declined.

The preferreds (NYSE: WFCPrZ) chalked off 3 cents to close at $25.28 with about 195,000 shares trading.

On Tuesday, the preferreds dipped 3 cents.

Sector peer PNC Financial’s 5.375% series Q non-cumulative perpetual preferreds closed the afternoon on the positive side.

The preferreds (NYSE: PNCPrQ) tacked on 1 cent to close at $25.00 on volume of about 186,000 shares.

AT&T lower

Telecom services giant AT&T’s 4.75% series C perpetual preferred stock was pushed lower by the end of the session.

The preferreds (NYSE: TPrC) were pushed down 4 cents to $26.20 with about 174,000 shares trading.

On Tuesday, the preferreds tacked on 3 cents.

Energy Transfer down

Meanwhile, oil and gas name Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

The preferreds (NYSE: ETPPrE) shaved off 8 cents to close at $19.59 on volume of about 165,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.09%, weaker than the 0.11% rise in early Wednesday trading.

The iShares US Preferred Stock ETF was up 16 cents to $36.94.

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