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Preferred stocks mixed as week starts; Fannie Mae paper remains busy; REITs trade weak
By Stephanie N. Rotondo
Seattle, Jan. 9 – The preferred stock market was mixed in Monday dealings, according to market sources.
The Wells Fargo Hybrid and Preferred Securities index ended the day up 13 basis points. A market source said the index was “up double that” earlier in the day but that it “kind of faded in the last hour or so.”
By comparison, the iShares U.S. Preferred Stock index was off 13 bps.
Still, the session’s movers – those issues trading most actively – were all on the positive side.
Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS), for instance, traded up 19 cents, or 2.38%, to $8.18.
HSBC holdings plc’s 8% exchangeable perpetual subordinated capital securities (NYSE: HSEB) were also better, rising a penny to $25.87.
Real estate investment trust preferreds, however, did not fare well on the day.
Public Storage’s 4.9% series E cumulative preferreds (NYSE: PSAPrE) dipped a nickel to $21.59, while Digital Realty Trust Inc.’s 7.375% series H cumulative redeemable preferreds (NYSE: DLRPrH) waned a dime to $26.83.
National Retail Properties Inc.’s 5.2% series F cumulative redeemable preferreds (NYSE: NNNPrF) meantime retreated 24 cents, or 1.08%, to $22.07.
The up-and-down performance of the preferred market followed that of the common equity markets, as the Dow Jones industrial average attempted to hit the 20,000-mark for the first time in history. The index came close to hitting those levels on Friday but pared gains before it could reach the peak.
Monday, however, wasn’t the day for the Dow to make history, as it instead declined over 70 points for the day.
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