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Wells Fargo negative; Armour preferreds below par; MetLife under water
By James McCandless
San Antonio, Jan. 24 – The preferred market finished the shortened week with an extension of the week’s negativity.
At the top of the secondary, Wells Fargo & Co.’s recent 4.75% series Z non-cumulative perpetual class A preferred stock led the market into negative territory, dipping 1 cent to close at $25.22 on volume of about 1.9 million shares.
Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock slipped 4 cents to close at $25.83 with about 837,000 shares trading.
Real estate investment trust Armour Residential REIT, Inc.’s new $75 million 7% series C perpetual cumulative redeemable preferreds closed below par, settling at $24.98 on volume of about 1.3 million shares.
Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock crashed $1.39 to close at $16.10 with about 398,000 shares trading.
Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock followed the market trend, declining by 12 cents to close at $25.49 on volume of about 1.2 million shares.
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