Wells Fargo slips; Bank of America preferreds continue rise; Deutsche Bank declines

By James McCandless

San Antonio, July 3 – Trading in the preferred market was steady in the abbreviated session on Tuesday ahead of the full market close for the Fourth of July holiday.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock led a short day in secondary trading to edge lower.

Bank of America Corp.’s $1.2 billion issue of 6% series GG non-cumulative preferred stock rose again.

Deutsche Bank AG’s 8.05% trust preferred securities saw more attention, declining slightly.

Wells Fargo’s 8% series J non-cumulative perpetual class A preferreds edged lower.

The preferreds (NYSE: WFCPrJ) were down 1 cent to close at $25.64 with about 230,000 shares trading.

On Monday, the preferreds were down 5 cents.

Meanwhile, Bank of America’s 6% series GG non-cumulative preferreds saw more activity.

The preferreds (NYSE: BACPrB) were up 16 cents to close at $26.30 on volume of 228,000 shares.

On Friday, the company announced that it will redeem its $494,382,000 of series K fixed-to-floating rate non-cumulative preferred stock on July 30.

Separately, Deutsche Bank’s 8.05% trust preferred securities were down against an overall rising market.

The preferreds (NYSE: DKT) were down 4 cents to close at $25.30 with about 220,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.30% at market close.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.