Midday Commentary: Syria concerns keep preferreds quiet; big day for dividends

By Christine Van Dusen

Atlanta, Aug. 28 - The preferred stock market remained mostly quiet on Wednesday in light of continued concern about the turmoil in Syria and ahead of the Labor Day holiday in the United States.

"There have been some downticks, but that's because so many issues paid out their dividends today," a trader said. "About 70 to 80 issues went to dividend today."

In early trading on Wednesday, Zions Bancorporation's 9½% series C noncumulative preferreds (NYSE: ZBPC) were unchanged at $24.98. Trading volume totaled 511,606 shares early in the session.

HSBC Holdings plc's 8 1/8% exchangeable perpetual subordinated capital securities were quoted at $25.78 early in the session, down by 2 cents. Trading volume totaled 59,864.

And HSBC's 6.2% non-cumulative preference shares climbed 16 cents in early trading, to $24.43 on 53,465 in volume.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.