Capital One taps $25-par market; Wells Fargo preferreds improve; MetLife sees boost

By James McCandless

San Antonio, Jan. 28 – The Tuesday session in preferred trading was generally positive, centered on finance and insurance names.

In the primary market, Capital One Financial Corp. priced a $1.25 billion offering of $25-par series J fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 4.8%.

The company’s established 5% series I fixed-rate non-cumulative perpetual preferred stock picked up 2 cents to close at $25.49 on volume of about 515,000 shares.

Leading secondary trading again, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were up 4 cents to close at $25.25 with about 3.5 million shares trading.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE and 6.15% series BB non-cumulative preferred stock varied in direction.

The series EE preferreds gained 3 cents to close at $27.96 on volume of about 377,000 shares.

The series BB preferreds dipped by 6 cents to close at $25.86 on volume of about 309,000 shares.

Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferreds saw a boost by the end of the session, adding 16 cents to close at $25.53 with about 607,000 shares trading.

Sector peer Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock lost 5 cents to close at $26.18 on volume of about 424,000 shares.

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