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U.S. Bancorp preferreds higher; MetLife boosted; Energy Transfer weaker
By James McCandless
San Antonio, Dec. 9 – In the middle of the week, the preferred market was volatile as top traders skewed upward.
Moving along the top of the secondary, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock shifted higher.
Elsewhere in the finance space, Morgan Stanley’s series A floating rate non-cumulative preferred stock were better off by the end.
Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds finished on the positive side.
Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was boosted as the session neared the close.
Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units weakened.
U.S. Bancorp higher
Moving along the top of the secondary space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock shifted higher.
The preferreds (NYSE: USBPrB) were up 18 cents to close at $24.38 on volume of about 656,000 shares.
Elsewhere in the finance space, Morgan Stanley’s series A floating rate non-cumulative preferred stock were better off by the end of the day.
The preferreds (NYSE: MSPrA) improved by 10 cents to close at $24.95 with about 189,000 shares trading.
Sector peer PNC Financial’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds finished the afternoon on the positive side.
The preferreds (NYSE: PNCPrP) were carried up 5 cents to close at $26.48 on volume of about 171,000 shares.
On Tuesday, the preferreds added 8 cents.
MetLife boosted
Insurance provider MetLife’s 4.75% series F non-cumulative preferred stock was boosted as the session neared the close.
The preferreds (NYSE: METPrF) leaped 17 cents to close at $27.08 with about 116,000 shares trading.
Energy Transfer weaker
Meanwhile, oil and gas name Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units weakened.
The preferreds (NYSE: ETPPrE) shaved off 17 cents to close at $22.67 on volume of about 110,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index ended Wednesday up by 0.15%.
The index capped Tuesday up by 0.21%, finished Monday down by 0.07% and closed Friday up by 0.16%.
The iShares US Preferred Stock ETF was down 4 cents to $37.95.
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