Wells Fargo preferreds decline; Goldman Sachs falls; Qwest’s $25-par notes improve

By James McCandless

San Antonio, Sept. 4 – The preferred market started the short week with broad declines and a focus on financial names.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate preferreds and 5.625% series Y non-cumulative preferreds declined.

The 5.85% series Q preferreds (NYSE: WFCPrQ) were down 6 cents to close at $25.68 on volume of about 411,000 shares.

The 5.625% series Y preferreds (NYSE: WFCPrY) were down 5 cents to close at $25.30 on volume of about 396,000 shares.

The Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate non-cumulative preferreds also weakened.

The preferreds (NYSE: GSPrJ) were down 9 cents to close at $26.04 with about 385,000 shares trading.

Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes rise.

Qwest’s existing 6.125% notes due 2053 (NYSE: CTY) were up 36 cents to close at $22.93 on volume of about 302,000 notes.

The 6.5% notes due 2056 (NYSE: CTBB) were up 6 cents to close at $23.54 on volume of about 272,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.32% at market close after a 0.04% gain in early trading on Tuesday.

The iShares US Preferred Stock ETF was down 28 cents to $37.50.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.