Wells Fargo Sells New Non Cumulative Preferred Stock Issue
By: Tim McPartland,
Wells Fargo has sold a new non cumulative preferred stock issue.
The issue is investments grade and carries a coupon of 6%—not a huge coupon, but a super solid banking company. The issue is perpetual so will show some price movement when/if interest rates begin to rise. A long term, conservative investor could sleep well at night with this issue if they are income investors with less concern on capital movement.