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Morning Commentary: Pennsylvania REIT preferreds jump; Athene slides; Capital One off
By James McCandless
San Antonio, Oct. 15 – The preferred market moved into Thursday with more losses as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.23%.
Leading early secondary trading volume, Pennsylvania Real Estate Investment Trust’s 7.2% series C and 6.875% series D cumulative redeemable perpetual preferred shares were both jumping higher.
The series C preferreds (NYSE: PEIPrC) were up $1.48 to $6.50 on volume of about 143,000 shares.
The series D preferreds (NYSE: PEIPrD) were improving by $1.39 on volume of about 85,000 shares.
After the close on Wednesday, the company announced that it had reached an agreement with 80% of its bank lenders to receive $150 million for recapitalization and extend its debt maturity schedule.
Retirement services provider Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares started with a slide.
The preferreds (NYSE: ATHPrA) were shedding 29 cents to $27.03 with about 25,000 shares trading.
Meanwhile, financial services name Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was losing ground.
The preferreds (NYSE: COFPrJ) were dipping 2 cents to $24.91 on volume of about 25,000 shares.
Elsewhere in the finance space, Morgan Stanley’s series A floating-rate non-cumulative preferred stock was dipping.
The preferreds (NYSE: MSPrA) were losing 3 cents to $23.93 with about 22,000 shares trading.
Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were following the trend.
The preferreds (NYSE: WFCPrQ) were declining 10 cents to $26.75 on volume of about 22,000 shares.
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