BB&T preferreds decline; NuStar Energy fixed-to-floaters flat; Energy Transfer improves

By James McCandless

San Antonio, Jan. 9 – Preferreds saw mixed trading activity on Wednesday even as the broader equity markets improved.

Leading secondary volume, BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock declined.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were gaining again.

Wells Fargo & Co.’s 5.2% series N non-cumulative perpetual class A preferred stock ended better.

In the oil and gas space, NuStar Energy LP’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds were active but closed flat.

Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative preferred units improved.

BB&T down

BB&T’s 5.85% series D non-cumulative perpetual preferred stock declined on Wednesday.

The preferreds (NYSE: BBTPrD) dropped 12 cents to close at $25.01 on volume of about 517,000 shares.

Elsewhere in the finance space, Goldman Sachs’ series D floating-rate non-cumulative preferreds spent another session rising.

The preferreds (NYSE: GSPrD) gained 14 cents to close at $18.45 with about 354,000 shares trading.

On Tuesday, the preferreds added 6 cents.

Wells Fargo’s 5.2% series N non-cumulative perpetual class A preferred stock saw a slight gain in Wednesday trading.

The preferreds (NYSE: WFCPrN) picked up 1 cent to close at $22.74 on volume of about 349,000 shares.

NuStar level

Meanwhile, in the energy sector, NuStar’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds were active but ended the day flat.

The preferreds (NYSE: NSPrA) were level at $22.65 with about 295,000 shares trading.

Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative preferred units improved on the day.

The preferreds (NYSE: ETPPrD) were up 10 cents to close at $24.05 on volume of about 230,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.15% at the close, extending a 0.04% decrease at the beginning of the day’s activity.

The iShares US Preferred Stock ETF was down 7 cents to $35.11.

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