Public Storage negative; Wells Fargo preferreds dip; Just Energy slides

By James McCandless

San Antonio, Oct. 2 – The preferred market ended the week on shaky ground, with declines spread across multiple sectors.

Leading Friday’s secondary activity, REIT Public Storage’s new 3.875% series N cumulative preferred shares were down 2 cents to close at $24.80 on volume of about 462,000 shares trading.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds shaved off 2 cents to close at $25.27 with about 425,000 shares trading.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferreds rose, going against the trend. The preferreds gained 1 cent to close at $25.00 on volume of about 186,000 shares.

Utilities services name Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds dived 34 cents to close at $3.02 with about 174,000 shares trading.

Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units jumped 77 cents to close at $18.67 on volume of about 173,000 shares.

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