Wells Fargo declines; AT&T preferreds under pressure; MetLife dips

By James McCandless

San Antonio, March 5 – The preferred market saw a downturn on Thursday, reversing the last few days of positivity.

Leading trading volume for a second straight day, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock declined.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both weakened.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities joined the trend.

Telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was under pressure for the day.

Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock dipped.

Wells Fargo off

At the top of secondary trading volume for the second straight day, Wells Fargo’s .75% series Z non-cumulative perpetual class A preferred stock declined.

The preferreds (NYSE: WFCPrZ) were down 25 cents to close at $24.95 on volume of about 806,000 shares.

On Wednesday, the preferreds gained 19 cents.

Elsewhere in the finance space, Capital One’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both weakened as the session ended.

The series J preferreds (NYSE: COFPrJ) lost 10 cents to close at $24.89 with about 462,000 shares trading.

On Wednesday, the preferreds picked up 14 cents.

The series I preferreds (NYSE: COFPrI) dropped 19 cents to close at $25.44 with about 297,000 shares trading.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities joined the negative trend.

The preferreds (NYSE: ALLYPrA) were knocked down 14 cents to close at $25.81 on volume of about 280,000 shares.

AT&T under

Telecom company AT&T’s 4.75% series C perpetual preferred stock was under pressure for the majority of the day.

The preferreds (NYSE: TPrC) shaved off 18 cents to close at $24.88 with about 745,000 shares trading.

On Wednesday, the preferreds moved up 10 cents.

MetLife dips

Meanwhile, insurance provider MetLife’s 4.75% series F non-cumulative preferred stock dipped at the end of the afternoon.

The preferreds (NYSE: METPrF) fell 19 cents to close at $25.23 on volume of about 303,000 shares.

On Wednesday, the preferreds garnered 27 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed the session down by 0.70%, adding onto a 0.61% dive from early Thursday trading.

The iShares US Preferred Stock ETF was down 39 cents to $36.85.

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