Synovus preferreds add to recent gains; Wells Fargo edges lower; MetLife improves

By James McCandless

San Antonio, July 6 – Trading in the preferred market closed the short week on average volume.

Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock topped secondary trading again.

The series D preferreds (NYSE: SNVPrD) were up 21 cents to close at $26.00 with about 279,000 shares trading.

On Monday, the company announced plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock saw more losses.

The preferreds (NYSE: WFCPrJ) were down 2 cents on Friday to close at $25.66 on volume of about 267,000 shares.

Meanwhile, MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares ended the week rising.

The preferreds (NYSE: METPrE) were up 4 cents to $25.77 with about 248,000 shares exchanged.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.19% at market close, reducing some of the 0.27% gain seen in early Friday trading.

The iShares US Preferred Stock ETF was up 8 cents to $38.00.

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