Wells Fargo higher; AT&T preferreds gains; Athene tracks better

By James McCandless

San Antonio, April 17 – At the end of the week in preferred trading, volume leaders were mostly seen improving.

In first position by the close, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock ended higher.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock declined.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds finished on an upward trend.

Meanwhile, in telecom, AT&T Inc.’s 4.75% series C perpetual preferred stock gained at the end of the afternoon.

Retirement services name Athene Holding Ltd.’s 6.25% series A fixed-to-floating rate perpetual non-cumulative preference shares tracked better.

Wells Fargo higher

First in secondary activity by the close, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock ended higher.

The preferreds (NYSE: WFCPrZ) were up 16 cents to close at $22.98 on volume of about 686,000 shares.

On Thursday, the preferreds lost 16 cents.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock declined, going against the day’s trend.

The preferreds (NYSE: COFPrI) shaved off 11 cents to close at $21.89 with about 421,000 shares trading.

Sector peer Synchrony’s 5.625% series A non-cumulative perpetual preferreds finished the session on an upward trend.

The preferreds (NYSE: SYFPrA) gained $1.96 to close at $19.83 on volume of about 369,000 shares.

AT&T gains

Meanwhile, in the telecom sector, AT&T’s 4.75% series C perpetual preferred stock gained at the end of the afternoon.

The preferreds (NYSE: TPrC) garnered 27 cents to close at $23.21 with about 283,000 shares trading.

Athene better

Retirement services name Athene’s 6.25% series A fixed-to-floating rate perpetual non-cumulative preference shares tracked better.

The preferreds (NYSE: ATHPrA) rose 99 cents to close at $24.94 on volume of about 264,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week up by 0.60%, hovering around a 0.58% rise from early Friday trading.

The iShares US Preferred Stock ETF was up 41 cents to $33.86.

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