Wells Fargo under pressure; AT&T preferreds dip; Two Harbors falls

By James McCandless

San Antonio, July 13 – The preferred market ended the Monday session on a downward trend across multiple sectors.

Leading the day’s secondary activity, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was under pressure.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock rose, bucking the trend.

Telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferred stock dipped as the afternoon ended.

Meanwhile, REIT Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferreds fell.

Sector peer Invesco Mortgage Capital’s 7.75% series A cumulative redeemable preferred stock was also seen trailing.

Wells Fargo loses

Leading the day’s secondary activity, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was under pressure.

The preferreds (NYSE: WFCPrQ) were down 21 cents to close at $24.67 on volume of about 320,000 shares.

Elsewhere in the finance space, JPMorgan’s 4.75% series GG non-cumulative preferred stock rose, bucking the prevailing trend.

The preferreds (NYSE: JPMPrJ) improved by 5 cents to close at $25.60 with about 201,000 shares trading.

AT&T dips

Telecom services giant AT&T’s 4.75% series C perpetual preferred stock dipped as the afternoon came to an end.

The preferreds (NYSE: TPrC) shaved off 18 cents to close at $24.19 on volume of about 263,000 shares.

On Friday, the preferreds tacked on 1 cent.

Two Harbors falls

Meanwhile, real estate investment trust Two Harbors’ 7.625% series B fixed-to-floating rate cumulative redeemable preferreds fell to lower levels.

The preferreds (NYSE: TWOPrB) dived 33 cents to close at $19.82 with about 201,000 shares trading.

Sector peer Invesco Mortgage’s 7.75% series A cumulative redeemable preferred stock was also seen trailing throughout the session.

The preferreds (NYSE: IVRPrA) were dragged down 69 cents to close at $21.60 on volume of about 175,000 shares trading.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed Monday down by 0.34%, weakening from a 0.09% gain in early Monday trading.

The iShares US Preferred Stock ETF was down 21 cents to $34.68.

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