Selective Insurance ends above par; Wells Fargo preferreds rise; Vornado better

By James McCandless

San Antonio, Dec. 3 – Moving through to the back half of the week, the preferred market maintained a positive trend.

At the top of the volume in the secondary, Selective Insurance Group, Inc.’s new $200 million 4.6% series B non-cumulative preferred stock finished above par.

The preferreds, trading under the temporary symbol “SLIG,” closed at $25.80 on volume of about 764,000 shares.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds improved by 5 cents to close at $25.59 with about 443,000 shares.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were docked 3 cents to close at $25.35 on volume of about 213,000 shares.

Property owner Vornado Realty Trust’s 5.25% series N cumulative redeemable preferreds gained 2 cents to close at $25.10 with about 246,000 shares trading.

Elsewhere, utilities name Southern California Edison Co.’s 5.375% cumulative fixed-to-floating rate trust preferreds jumped 15 cents to close at $24.26 on volume of about 149,000 shares.

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