Wells Fargo improves; Public Storage gains; Cedar Realty preferreds jump

By James McCandless

San Antonio, Oct. 5 – Opening up a new week, the preferred space ended Monday with positivity throughout the day.

At the top of the day’s secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved.

Elsewhere in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferreds were under pressure.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferred stock rose.

REIT Public Storage’s new 3.875% series N cumulative preferred shares gained ground by the end of the afternoon.

Cedar Realty Trust, Inc.’s 6.5% series C cumulative redeemable preferred stock jumped higher through the day.

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