Digital Realty prices $25-par preferreds; AGNC sees decline; People’s United positive

By James McCandless

San Antonio, March 4 – The preferred space opened a new week with mixed trading.

Digital Realty Trust, Inc. priced $200 million of $25-par series K cumulative redeemable preferred stock at par with a dividend of 5.85%.

There is a $30 million greenshoe.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.

In the secondary, real estate investment trust AGNC Investment Corp.’s recent 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock ended lower.

The preferreds, trading under the temporary symbol “AGNCO,” was down 3 cents to close at $24.87 on volume of about 1.1 million shares.

Elsewhere in REITs, Public Storage’s new 5.6% series H cumulative preferred shares were also trending downward.

The preferreds, trading under the temporary symbol “PSALL,” lost 7 cents to close at $25.10 on volume of about 837,000 shares.

In the finance space, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock saw a positive boost.

The preferreds (Nasdaq: PBCTP) added 19 cents to close at $24.01 on volume of about 733,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock closed better.

The preferreds (NYSE: JPMPrC) gained 18 cents to close at $26.28 with about 658,000 shares trading.

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