Morning Commentary: Wells Fargo preferreds improve; Triton tops par; MetLife active

By James McCandless

San Antonio, Jan. 17 – The preferred space opened Friday largely negative with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.09%, though top traders varied.

Leading early secondary activity, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock saw a modest improvement.

The preferreds, trading under the temporary symbol “WFCZL,” were up 1 cent to $25.04 on volume of about 790,000 shares.

Elsewhere in the finance space, SVB Financial Group’s 5.25% series A non-cumulative perpetual preferred stock was also gaining.

The preferreds (Nasdaq: SIVBP) were adding 4 cents to $26.32 with about 225,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were diving as the morning started.

The preferreds (NYSE: JPMPrC) were falling 34 cents to $28.37 on volume of about 100,000 shares.

Meanwhile, shipping name Triton International Ltd.’s 6.875% series D cumulative redeemable perpetual preference shares were pushing past par on their first day of trading.

The preferreds, trading under the temporary symbol “TRTDP,” were seen at $25.36 with about 565,000 shares trading.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was relatively active but rigid.

The preferreds (NYSE: METPrF) were holding level at $25.30 on volume of about 203,000 shares.

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