Morning Commentary: PS Business Parks, JPMorgan preferreds active; Farmer Mac better

By James McCandless

San Antonio, June 18 – Entering the tail end of the week, the preferred space was skewing lower as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.05%.

At the top of the morning’s secondary activity, real estate investment trust PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock was active but flat so far while its 5.2% series W cumulative preferreds were gaining.

The series Z preferreds (NYSE: PSBPrZ) were holding level at $24.45 on volume of about 138,000 shares.

The series W preferreds (NYSE: PSBPrW) were adding 3 cents to $25.03 on volume of about 137,000 shares.

Elsewhere in the REIT space, Public Storage’s recent 4.625% series L cumulative preferred shares were making a modest gain.

The preferreds (NYSE: PSAPrL) were picking up 5 cents to $24.65 with about 114,000 shares trading.

Ashford Hospitality Trust, Inc.’s 8.45% series D cumulative preferred stock was seeing a dive as the day kicked off.

The preferreds (NYSE: AHTPrD) were cratering $1.46 to $13.20 on volume of about 25,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was active but little moved.

The preferreds (NYSE: JPMPrJ) were shaving off 1 cent to $25.01 with about 69,000 shares trading.

Rural lender Federal Agricultural Mortgage Corp.’s (Farmer Mac) 5.75% series E non-cumulative preferred stock was trending higher.

The preferreds (NYSE: AGMPrE) were moving up 16 cents to $25.48 on volume of about 42,000 shares.

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