How do I buy Wells Fargo's $1B preferred stock offering?

Question

Wells Fargo is offering $1B in preferred stock yielding 6%. I want to buy this preferred stock but how? Say I open an account at Fidelity.
I can't find it in the stock market.

blm · Accepted Answer

For preferred shares, different brokers (and quote sources) have symbols that are formatted slightly differently. The issue you ask about is WFC-PV at Yahoo!, WFC.PR.V at E*Trade, WFC/PV at Fidelity, etc.

Once you find the symbol at whatever broker you're using, you buy it basically like the common shares (I say basically because the volume on preferreds tend to be lower than common shares, so the bid/ask spread may be higher and it may be harder to get fills, but the process of placing an order should be about the same, although brokers may differ there as well.)

Bob Baerker · Answer

After the registration of a preferred stock  is accepted by the SEC and becomes effective, there is a delay prior to the listing of shares on the NYSE or NASDAQ. You will see in almost every prospectus or registration statement a clause that says “we intend to apply to have these shares listed on the NYSE (or other exchange) under the symbol xxxxx. If this application is approved, trading of the shares is expected to begin within 30 days” (or something similar). In the interim, the stock may trade on the  OTC Grey Market for up to a month and they often trade at a discount to the issue price.
Here's a LINK that's spells out the numerous symbols used to look up preferred stocks.

How do I buy Wells Fargo's $1B preferred stock offering?

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