Wells Fargo preferreds rise; Energy Transfer gains; U.S. Bancorp’s preferreds improve

By James McCandless

San Antonio, Aug. 16 – Secondary trading in the preferred stock market continued to center on recent issues.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock rose.

Energy Transfer Partners, LP’s recent 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units gained.

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock improved.

Wells Fargo rises

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock gained, taking the lead in secondary trading.

The preferreds (NYSE: WFCPrQ) were up 3 cents to close at $25.79 on volume of about 332,000 shares.

Energy Transfer gains

Energy Transfer’s 7.625% series D preferred units rose.

The preferreds (NYSE: ETPPrD) were up 3 cents to close at $25.63 with about 331,000 shares trading.

Recently the company announced that it would be acquired by Energy Transfer Equity, LP in a transaction to simplify the corporate structure of the two related companies.

U.S. Bancorp improves

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock continued to build on recent gains.

The preferreds, trading under the temporary symbol “USBLL,” were up 2 cents to close at $25.15 on volume of about 297,000 shares.

On Wednesday, the preferreds rose 2 cents.

The deal priced on Aug. 7.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.12% at market close, adding to the 0.07% increase in early trading Thursday.

The iShares US Preferred Stock ETF was up 9 cents to $37.47. On Wednesday, the ETF lost 2 cents.

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