Wells Fargo positive; Triton preferreds end above par; MetLife better

By James McCandless

San Antonio, Jan. 17 – The preferred spaced finished the week with an overall gain, exemplified by top traders.

At the top of the secondary, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock saw positivity.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock dropped.

Sector peer Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferreds followed the market upward.

Shipping name Triton International Ltd.’s new $150 million 6.875% series D cumulative redeemable perpetual preference shares landed above par.

Meanwhile, Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock ended in a better position.

Wells Fargo rises

At the top of secondary trading, Wells Fargo’s new 4.75% series Z non-cumulative perpetual class A preferred stock saw positivity by the close.

The preferreds, trading under the temporary symbol “WFCZL,” were up 1 cent to close at $25.06 on volume of about 6 million shares.

On Thursday, their first day of trading, the preferreds ended above par.

Elsewhere in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock dropped to lower levels.

The preferreds (NYSE: JPMPrC) dived 38 cents to close at $28.33 with about 537,000 shares trading.

Sector peer Charles Schwab’s 5.95% series D non-cumulative perpetual preferreds followed the market upward.

The preferreds (NYSE: SCHWPrD) gained 10 cents to close at $26.84 on volume of about 389,000 shares.

Triton above par

Shipping name Triton’s new $150 million 6.875% series D cumulative redeemable perpetual preference shares landed above par as the session finished.

The preferreds, trading under the temporary symbol “TRTDP,” closed at $25.50 with about 1.1 million shares.

The deal priced on Thursday.

MetLife better

Meanwhile, insurance provider MetLife’s 4.75% series F non-cumulative preferred stock ended the afternoon in a better position.

The preferreds (NYSE: METPrF) picked up 6 cents to close at $25.36 on volume of about 907,000 shares.

On Thursday, the preferreds were level.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week up by 0.04%, improving on a 0.09% dip from early Friday trading.

The iShares US Preferred Stock ETF was up 6 cents to $38.07.

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