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 preferreds 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 preferreds improved by 10 cents to close at $24.95 with about 189,000 shares trading.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds were carried up 5 cents to close at $26.48 on volume of about 171,000 shares.

Insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock rose 17 cents to close at $27.08 with about 116,000 shares trading.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units shaved off 17 cents to close at $22.67 on volume of about 110,000 shares.

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