Wells Fargo pushes higher; MetLife preferreds gain; Triton declines

By James McCandless

San Antonio, Jan. 22 – Wednesday’s session in the preferred space saw diverging movement in overall traders and volume leaders.

Leading activity for the fourth day in a row, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock pushed higher.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were negative.

Sector peer Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred stock was lifted.

Insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock also saw a gain at the end of the session.

Meanwhile, shipping company Triton International Ltd.’s recent 6.875% series D cumulative redeemable perpetual preference shares declined.

Wells Fargo up

Leading secondary activity for the fourth day in a row, Wells Fargo’s new 4.75% series Z non-cumulative perpetual class A preferred stock pushed higher.

The preferreds, trading under the temporary symbol “WFCZL,” were up 7 cents to close at $25.15 on volume of about 2.6 million shares.

On Tuesday, the preferreds moved up 4 cents.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds were negative as the session closed.

The preferreds (NYSE: COFPrI) slipped 2 cents to close at $25.34 with about 612,000 shares trading.

On Tuesday, the preferreds shaved off 4 cents.

Sector peer Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred stock was lifted.

The preferreds (NYSE: SYFPrA) garnered 8 cents to close at $25.93 on volume of about 548,000 shares trading.

MetLife gains

Insurance name MetLife’s 4.75% series F non-cumulative preferred stock also saw a gain at the end of the Wednesday session.

The preferreds (NYSE: METPrF) rose 7 cents to close at $25.56 with about 2.1 million shares trading.

On Tuesday, the preferreds added 13 cents.

Triton lower

Meanwhile, shipping rental company Triton’s recent 6.875% series D cumulative redeemable perpetual preference shares declined.

The preferreds, trading under the temporary symbol “TRTDP,” declined by 9 cents to close at $25.49 on volume of about 287,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day better by 0.08%, improving on the 0.03% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was down 2 cents to $38.05.

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