Wells Fargo preferreds decline; Allstate sees boost; American Finance sinks

By James McCandless

San Antonio, Sept. 4 – The preferred market saw a steady rise Wednesday as top traders ended on weaker footing.

Leading volume in the secondary, Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred shares were down 3 cents to close at $25.92 on volume of about 751,000 shares.

Elsewhere in finance, Capital One Financial Corp.’s 6% series B fixed-rate non-cumulative perpetual preferreds fell 2 cents to close at $25.38 with about 489,000 shares trading.

Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds picked up 12 cents to close at $26.32 on volume of about 553,000 shares.

REIT American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock lost 66 cents to close at $25.29 with about 456,000 shares trading.

Property developer Brookfield Property Partners LP’s 6.375% series 2 class A cumulative redeemable perpetual preferred units were seen falling.

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