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Morning Commentary: UMH prices more preferreds; Duke Energy up; GasLog lower
By James McCandless
San Antonio, April 25 – Top-trading preferred shares were mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.08%.
UMH Properties, Inc. priced another $90 million of its 6.75% series C cumulative redeemable preferred stock at par.
The deal, announced on Wednesday, was upsized from an initial $50 million.
There is a $10 million greenshoe.
BMO Capital Markets Corp. and J.P. Morgan Securities LLC are the joint bookrunners.
UMH originally issued $125 million of the preferreds on July 21, 2017.
Early Thursday, the preferreds (NYSE: UMHPrC) were down 8 cents to $24.87 on volume of about 251,000 shares.
Elsewhere, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were on the positive side early in the session.
The preferreds (NYSE: DUKPrA) started up 2 cents to $25.80 with about 645,000 shares trading.
Late Wednesday, the company announced that it had sold a minority interest in its commercial renewable energy portfolio to John Hancock Life Insurance Co. for $1.25 billion.
Meanwhile, oil and gas name Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also slightly higher.
The preferreds, trading under the temporary symbol “ETPEP,” were higher by 1 cent to $24.99 on volume of about 94,000 shares.
Shipping name GasLog Partners LP’s 8.625% series A fixed-to-floating rate cumulative redeemable perpetual preference units were on a negative trend.
The preferreds (NYSE: GLOPPrA) were down 16 cents to $24.14 with about 57,000 shares trading.
In finance, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock was pushing higher.
The preferreds (NYSE: USBPrH) picked up 6 cents to $19.54 on volume of about 42,000 shares.
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