AT&T positive; MetLife preferreds see improvement; Citigroup declines

By James McCandless

San Antonio, July 10 – As the preferred space closed out the week, positivity took hold despite negative pressure on volume leaders.

At the top of secondary trading, telecom name AT&T, Inc.’s 4.75% series C perpetual preferreds saw positivity.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock marked the session with an improvement.

Elsewhere, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities declined.

Sector peer Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds also lost ground.

Meanwhile, oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units dived.

AT&T gains

At the top of Friday’s secondary trading, telecom name AT&T’s 4.75% series C perpetual preferred stock saw a positive end.

The preferreds (NYSE: TPrC) were up 1 cent to close at $24.37 on volume of about 299,000 shares.

On Thursday, the preferreds pushed up 22 cents.

MetLife better

Insurance company MetLife’s 4.75% series F non-cumulative preferred stock marked the session with an improvement.

The preferreds (NYSE: METPrF) gained 3 cents to close at $25.03 with about 225,000 shares trading.

Citigroup down

Elsewhere, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities declined.

The preferreds (NYSE: CPrN) shaved off 6 cents to close at $26.84 on volume of about 174,000 shares.

On Thursday, the preferreds fell 17 cents.

Sector peer Wells Fargo’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds also lost ground as the afternoon ended.

The preferreds (NYSE: WFCPrR) were pushed down 10 cents to close at $26.72 with about 144,000 shares trading.

NGL slides

Meanwhile, oil and gas name NGL Energy’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units dived.

The preferreds (NYSE: NGLPrB) fell $1.19 to close at $11.95 on volume of about 141,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week better by 0.28%, higher than the 0.03% rise from early Friday trading.

The iShares US Preferred Stock ETF was up 10 cents to $34.89.

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