Morning Commentary: Preferreds open mostly positive; Monmouth gains; Goldman Sachs dips

By Cristal Cody

Tupelo, Miss., Oct. 27 – Preferred stocks opened Friday on a fairly positive tone.

The Wells Fargo Hybrid and Preferred Securities index climbed 11 basis points early in the session.

The U.S. iShares Preferred Stock ETF was mostly unchanged over the morning.

In early trading on Friday, issues from Monmouth Real Estate Investment Corp. and Goldman Sachs Group Inc. were among the more active issues, though no fresh news caused the jump in activity.

Monmouth Real Estate Investment’s 6.125% series C cumulative redeemable preferred shares (NYSE: MNRPrC) traded up 5 cents, or 0.22%, to $25.16.

The Freehold, N.J.-based real estate ownership and management company priced a $75 million, or 3 million share, add-on to the preferreds on March 6, 2017 at $24.50 per share following the initial $135 million, or 5.4 million share, sale of the preferreds at par on Sept. 6, 2016.

Goldman Sachs Group’s 5.95% series I non-cumulative perpetual preferred shares (NYSE: GSPrI) fell 5 cents, or 0.2%, to $25.38 in early trading.

Goldman Sachs previously announced plans to redeem the preferreds on Nov. 17.

New York-based Goldman brought the preferreds to market in a $750 million offering of depositary shares that represent 1/1,000th interest of the preferred stock on Oct. 17, 2012.

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