Wells Fargo under pressure; MetLife preferreds slide; Armour lifted

By James McCandless

San Antonio, Jan. 27 – As a new week began, the preferred space showed weakness prevalent in other markets.

Remaining on top of activity, Wells Fargo & Co.’s recent 4.75% series Z non-cumulative perpetual class A preferred stock was under pressure.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock improved.

Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferreds slid lower, following the market trend.

Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s new 7% series C perpetual cumulative redeemable preferreds were lifted.

Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock jumped higher.

Wells Fargo lower

Remaining on top of secondary activity, Wells Fargo’s recent 4.75% series Z non-cumulative perpetual class A preferred stock was under pressure throughout the day.

The preferreds, trading under the temporary symbol “WFCZL,” were down 1 cent to close at $25.21 on volume of about 1.4 million shares.

On Friday, the preferreds fell 1 cent.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock showed a marked improvement.

The preferreds (NYSE: COFPrI) gained 7 cents to close at $25.47 with about 254,000 shares trading.

MetLife slides

Insurance provider MetLife’s 4.75% series F non-cumulative preferreds slid to lower levels, following the overall market trend.

The preferreds (NYSE: METPrE) dipped 12 cents to close at $25.37 on volume of about 741,000 shares.

On Friday, the preferreds shed 12 cents.

Armour up

Meanwhile, real estate investment trust Armour Residential’s new 7% series C perpetual cumulative redeemable preferreds were lifted.

The preferreds, trading under the temporary symbol “ARMRP,” rose 17 cents to close at $25.15 with about 442,000 shares trading.

On their first day of trading on Friday, the preferreds closed under par.

Sector peer Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred stock jumped higher.

The preferreds (NYSE: PEIPrC) picked up 64 cents to close at $16.74 on volume of about 276,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day lower by 0.10%, leveling off from a 0.26% loss from early Monday trading.

The iShares US Preferred Stock ETF was down 10 cents to $37.95.

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