Morning Commentary: Preferred stocks soft in early trading; primary quiet; Fannie Mae, Ashford dip

By Cristal Cody

Tupelo, Miss., Nov. 15 – Preferred stocks mostly softened early Wednesday.

The Wells Fargo Hybrid and Preferred Securities index fell 12 basis points. The index was 6 bps better on Tuesday.

The U.S. iShares Preferred Stock ETF was down 4 bps after going out on Tuesday 13 bps weaker.

Primary activity was quiet over the morning with no reported issuers announcing preferred deals.

In early trading, the Fannie Mae series S fixed-to-floating rate non-cumulative preferreds (OTC: FNMAS) were down 20 cents, or 3.23%, to $6.00.

Ashford Hospitality Trust Inc.’s 7.5% series I perpetual cumulative preferred stock fell 12 cents, or 0.49%, to $24.50 in pink sheets trading under the temporary symbol “ASHFP” over the morning.

The trust sold $135 million, or 5.4 million shares, of the preferred stock on Nov. 8.

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

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