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Morning Commentary: UMH Properties offers more preferreds; Regions Financial above par
By James McCandless
San Antonio, April 24 – The preferred market opened with a broad positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.06%.
Real estate investment trust UMH Properties, Inc. plans to sell $50 million more of its 6.75% $25-par series C cumulative redeemable preferred stock.
There is a $7.5 million greenshoe.
BMO Capital Markets Corp. and J.P. Morgan Securities LLC are the joint bookrunners.
UMH originally issued $125 million of the preferreds on July 21, 2017.
The preferreds are redeemable on or after July 16, 2022 at par. Prior to that, they are redeemable within 90 days after a delisting event and 120 days after a change-of-control event.
Early Wednesday, the existing preferreds (NYSE: UMHPrC) were pushed 84 cents lower to $24.86 on volume of about 231,000 shares.
Elsewhere in the REIT space, Cedar Realty Trust, Inc.’s 6.5% series C cumulative redeemable preferreds saw a boost early in the session.
The preferreds (NYSE: CDRPrC) were up 48 cents to $21.74 with about 109,000 shares trading.
Meanwhile, on its first trading day, Regions Financial Corp.’s new $500 million 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock was seen trading above par.
The preferreds, trading under the temporary symbol “RXFCL,” were spotted trading at $25.25 on volume of about 2.4 million shares.
Sector peer KeyCorp’s recent 5.625% series G non-cumulative redeemable preferred shares were also moving positively.
The preferreds, trading under the temporary symbol “KEYLL,” gained 8 cents to $24.90 with about 132,000 shares trading.
In the oil and gas space, Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were trending upward.
The preferreds, trading under the temporary symbol “ETPEP,” started up 6 cents to $24.94 on volume of about 259,000 shares.
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