AXIS Capital recoups early losses; Hersha, People’s United weaken; Ashford comes in

By Stephanie N. Rotondo

Seattle, Nov. 3 – The preferred stock market was again under pressure in Thursday trading.

The Wells Fargo Hybrid and Preferred Securities index closed down 55 basis points. The index was off 30 bps at mid-morning.

AXIS Capital Holdings Ltd.’s $550 million of 5.5% series E noncumulative preferreds – a deal priced Monday and trading under a temporary ticker, “AXHHF” – were once again trading actively, though also initially softer in line with the broader market. However, the paper managed to gain ground by the end of business.

The preferreds closed at $24.80, up 3 cents.

Hersha Hospitality Trust’s $100 million of 6.5% series E cumulative redeemable preferreds – a deal priced Tuesday – did follow the day’s trend, closing off 2 cents at $24.75.

The deal was assigned a temporary ticker on Wednesday, “HRSHP.”

From last week’s business, People’s United Financial Inc.’s 5.625% fixed-to-floating rate noncumulative preferreds ended at $26.10, down 21 cents.

The $250 million deal priced Oct. 24. The preferreds are trading under a temporary symbol, “PPLUP.”

Ashford Hospitality Trust Inc.’s 7.375% series G cumulative preferreds (NYSE: AHTPG) were trading somewhat actively, and lower, ahead of the company’s earnings release on Thursday.

The preferreds fell 26 cents, or 1.11%, to $23.24.

For the quarter, the Dallas-based real estate investment trust reported a net loss of $35.1 million, or 37 cents per share.

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