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

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.

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

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

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 preferreds shaved off 18 cents to close at $24.88 with about 745,000 shares trading.

Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred shares fell 19 cents to close at $25.23 on volume of about 303,000 shares.

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