Public Storage higher; Truist preferreds lifted; Athene declines

By James McCandless

San Antonio, June 30 – As the Tuesday session in the preferred space came to a close, the most active traders varied in direction.

Leading the day’s secondary market, REIT Public Storage’s 4.625% series L cumulative preferred shares were up 24 cents to close at $25.42 on volume of about 2.6 million shares.

Meanwhile, in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferreds picked up 15 cents to close at $26.08 with about 2.4 million shares trading.

Sector peer Wintrust Financial Corp.’s 6.875% series E fixed-rate reset non-cumulative perpetual preferreds rose 1 cent to close at $25.99 on volume of about 929,000 shares.

However, Pinnacle Financial Partners, Inc.’s 6.75% series B fixed-rate non-cumulative perpetual preferred shares lost 10 cents to close at $25.98 with about 840,000 shares trading.

Elsewhere, Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares dropped 11 cents to close at $25.25 on volume of about 944,000 shares.

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