Morning Commentary: Red morning for preferreds; Public Storage down

By Abigail W. Adams

Portland, Me., Feb. 2 – Friday was another down day for preferreds with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF in the red early in the session.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 43 basis points and the U.S. iShares Preferred Stock ETF was down 0.66%.

Public Storage’s depositary preferreds were down alongside the broader market.

Public Storage’s depositary preferred representing 1/1000th of a share of the company’s 5.125% series C cumulative preferred stock was down 31 cents, or 1.33%, to $23.32 in early trading Friday.

Public Storage’s depositary preferred representing 1/1000th of a share of the company’s 4.95% series D cumulative preferred stock was down 48 cents, or 2.10%, to $22.57.

Public Storage’s depositary preferred representing 1/1000th of a share of the company’s 4.9% series E cumulative redeemable preferred stock was down 41 cents, or 1.80%, to $22.43.

Public Storage’s depositary preferred representing 1/1000th of a share of the company’s 5.15% series F preferred share of beneficial interest was down 45 cents, or 1.92%, to $23.09.

Public Storage’s depositary preferred representing 1/1000th of a share of the company’s 5.05% series G cumulative preferred share of beneficial interest was down 42 cents, or 1.81%, to $22.69.

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