Morning Commentary: Duke Energy rises; AT&T securities improve; American Finance climbs

By James McCandless

San Antonio, Jan. 2 – The new year in preferred trading kicked off on a positive trend with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.35%.

Leading the morning, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was rising.

The preferreds (NYSE: DUKPrA) were up 12 cents to $27.83 on volume of about 286,000 shares.

Meanwhile, in the telecom space, AT&T Inc.’s 5% series A perpetual preferred stock and its 5.35% global notes due 2066 were both improving.

The series A preferreds (NYSE: TPrA) were adding 2 cents to $26.32 with about 214,000 shares trading.

The notes (NYSE: TBB) were improving by 14 cents to $26.89 with about 52,000 shares trading.

Real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds were also climbing.

The preferreds (Nasdaq: AFINP) shot up 21 cents to $24.99 on volume of about 67,000 shares.

Sector peer Public Storage’s 4.75% series K cumulative preferred shares went against the grain, losing slightly.

The preferreds (NYSE: PSAPrK) declined by 1 cent to $25.57 with about 50,000 shares trading.

Elsewhere, financial services name AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferreds were under pressure.

The preferreds (NYSE: EQHPrA) shaved off 4 cents to $26.06 on volume of about 63,000 shares.

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