Public Storage better; DiamondRock preferreds improve; Wells Fargo dips

By James McCandless

San Antonio, Oct. 9 – The preferred market finished out the week with mostly positive movements with pockets of weakness.

On top of the day’s secondary, REIT Public Storage’s 3.875% series N cumulative preferred shares ended on better footing.

Property name DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferred stock improved.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds closed with a small loss.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities made gains.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock slipped lower.

Public Storage better

On top of the day’s secondary volume, real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares ended on better footing.

The preferreds (NYSE: PSAPrN) were up 3 cents to close at $25.01 on volume of about 262,000 shares.

On Friday, the preferreds pushed up 8 cents.

Property name DiamondRock Hospitality’s 8.25% series A cumulative redeemable preferred stock improved at the end of the afternoon.

The preferreds (NYSE: DRHPrA) improved by 16 cents to close at $26.05 with about 193,000 shares trading.

Wells Fargo loses

Meanwhile, in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds closed with a small loss.

The preferreds (NYSE: WFCPrZ) shaved off 1 cent to close at $25.30 on volume of about 226,000 shares.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities made gains as Friday ended.

The preferreds (NYSE: ALLYPrA) picked up 2 cents to close at $25.71 with about 187,000 shares trading.

Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock slipped lower as the afternoon finished.

The preferreds (NYSE: COFPrJ) declined by 1 cent to close at $24.89 on volume of about 170,000 shares.

On Thursday, the preferreds tacked on 2 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week down by 0.04%, worse than the 0.01% slip in early Friday trading.

The iShares US Preferred Stock ETF was up 3 cents to $37.04.

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