Public Storage preferreds above par; People’s United higher; Allstate debentures better

By James McCandless

San Antonio, March 1 – The preferred market closed the week with a strong gain to cap off a largely positive week.

Leading trading volume, Public Storage’s new $285 million 5.6% series H cumulative preferred shares closed above par.

The preferreds, trading under the temporary symbol “PSALL,” closed at $25.17 on volume of about 3.1 million shares.

Meanwhile, in finance, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock also moved higher.

The preferreds (Nasdaq: PBCTP) picked up 31 cents to close at $23.82 with about 592,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock both followed the positive trend.

The series DD preferreds (NYSE: JPMPrD) were up 16 cents to close at $25.55 on volume of about 486,000 shares.

The series EE preferreds (NYSE: JPMPrE) gained 21 cents to close at $26.10 on volume of about 403,000 shares.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities ended on an upward trajectory.

The preferreds (NYSE: CPrN) added 3 cents to close at $26.75 with about 456,000 shares trading.

In the insurance space, Allstate Corp.’s 5.1% fixed-to-floating rate subordinated debentures due 2053 closed better.

The debentures (NYSE: ALLPrB) rose 2 cents to close at $25.25 on volume of about 346,000 debentures.

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