Morning Commentary: Pennsylvania REIT preferreds fall; Wells Fargo declines; AIG gains

By James McCandless

San Antonio, June 15 – The preferred market was weakening early Monday with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.33%.

As the volume leader of the morning’s secondary space, property name Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares were falling as the market opened.

The preferreds (NYSE: PEIPrC) were down 36 cents to $7.09 on volume of about 124,000 shares.

Elsewhere, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds and its 5.5% series X non-cumulative perpetual class A preferreds were both dropping.

The series Q preferreds (NYSE: WFCPrQ) were shedding 15 cents to $24.74 with about 72,000 shares trading.

The series X preferreds (NYSE: WFCPrX) were losing 6 cents to $25.23 with about 40,000 shares trading.

Sector peer United Community Banks, Inc.’s 6.875% series I non-cumulative preferred stock was also under pressure.

The preferreds (Nasdaq: UCBIO) were dipping 4 cents to $24.40 on volume of about 53,000 shares.

Atlantic Union Bankshares Corp.’s 6.875% series A non-cumulative perpetual preferred shares joined the overarching trend.

The preferreds (Nasdaq: AUBAP) were giving back 16 cents to $24.25 with about 35,000 shares trading.

Meanwhile, insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock opened on the positive side.

The preferreds (NYSE: AIGPrA) were adding 1 cent to $25.55 on volume of about 34,000 shares.

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