Wells Fargo pushes higher; AT&T preferreds gain; MetLife better

By James McCandless

San Antonio, March 4 – As Wednesday afternoon came to a close, the preferred space saw uniform gains in several sectors.

Leading secondary market activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were up 19 cents to close at $25.20 on volume of about 945,000 shares.

Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were lifted 59 cents to close at $27.60 with about 933,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the prevailing trend, picking up 14 cents to close at $24.99 on volume of about 439,000 shares.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds moved up 10 cents to close at $25.06 with about 562,000 shares trading.

Insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock finished in a better position, up27 cents to close at $25.42 on volume of about 390,000 shares.

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