Wells Fargo pushes higher; MetLife preferreds gain; Triton declines

By James McCandless

San Antonio, Jan. 22 – Wednesday’s session in the preferred space saw diverging movement in overall traders and volume leaders.

Leading activity for the fourth day in a row, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock pushed higher. The preferreds were up 7 cents to close at $25.15 on volume of about 2.6 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds slipped 2 cents to close at $25.34 with about 612,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred shares gained 8 cents to close at $25.93 on volume of about 548,000 shares trading.

Insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock also saw a gain at the end of the session, rising 7 cents to close at $25.56 with about 2.1 million shares trading.

Meanwhile, shipping company Triton International Ltd.’s recent 6.875% series D cumulative redeemable perpetual preference shares declined by 9 cents to close at $25.49 on volume of about 287,000 shares.

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