MetLife preferreds gain; Truist Financial declines; Digital Realty drops

By James McCandless

San Antonio, Oct. 13 – The preferred market ended the Tuesday session with top traders being pulled in different directions.

As the volume leader, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock gained ground.

Meanwhile, in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock spent the day in decline.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds saw an improvement.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock moved on a positive path.

Elsewhere, REIT Digital Realty Trust, Inc.’s 5.25% series J cumulative redeemable preferred stock dropped.

MetLife gains

As the session’s volume leader, insurance provider MetLife’s 4.75% series F non-cumulative preferred stock gained some ground.

The preferreds (NYSE: METPrF) were up 8 cents to close at $26.84 on volume of about 272,000 shares.

Truist declines

Meanwhile, in the finance space, Truist’s 4.75% series R non-cumulative perpetual preferred stock spent the day in decline.

The preferreds (NYSE: TFCPrR) were docked 19 cents to close at $26.65 with about 256,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds saw an improvement as the afternoon ended.

The preferreds (NYSE: WFCPrZ) gained 10 cents to close at $25.44 on volume of about 255,000 shares.

Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was under water by the close.

The preferreds (NYSE: COFPrJ) tacked on 14 cents to close at $24.98 with about 220,000 shares trading.

On Monday, the preferreds shaved off 5 cents.

Digital Realty drops

Elsewhere, real estate investment trust Digital Realty 5.25% series J cumulative redeemable preferred stock dropped.

The preferreds (NYSE: DLRPrJ) trailed by 33 cents to close at $26.37 on volume of about 166,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session better by 0.33%, climbing back from a 0.06% dip in early Tuesday trading.

The iShares US Preferred Stock ETF was down 10 cents to $36.99.

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