Medalist to tap $25-par market; Wells Fargo improves; Allstate preferreds decline

By James McCandless

San Antonio, Feb. 3 – The preferred space began the week with positivity among top traders, though the rest of the market varied.

In primary activity, Medalist Diversified REIT, Inc. plans to price an offering of up to $20 million $25-par series A cumulative redeemable preferred stock with a dividend of 8%.

Leading in the secondary again, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved 2 cents to close at $25.16 on volume of about 1.1 million shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferred stock picked up 7 cents to close at $25.12 with about 594,000 shares trading.

Sector peer Capital One Financial Corp.’s recent 4.8% series J fixed-rate non-cumulative perpetual preferreds gained 4 cents to close at $24.83 on volume of about 534,000 shares.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred shares lost 13 cents to close at $26.24 with about 278,000 shares trading.

MetLife, Inc.’s 4.75% series F non-cumulative preferred stock added 8 cents to close at $25.66 on volume of about 194,000 shares.

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