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.

Wells Fargo improves

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

The preferreds (NYSE: WFCPrZ) were up 7 cents to close at $25.34 on volume of about 229,000 shares.

On Friday, the preferreds shaved off 2 cents.

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

The preferreds (NYSE: TFCPrO) declined by 1 cent to close at $27.48 with about 203,000 shares trading.

Sector peer PNC Financial’s 5.375% series Q non-cumulative perpetual preferred stock rose as the session came to a close.

The preferreds (NYSE: PNCPrQ) tacked on 1 cent to close at $25.00 on volume of about 186,000 shares trading.

On Friday, the preferreds garnered 1 cent.

Public Storage gains

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

The preferreds, trading under the temporary symbol “PSADL,” shifted up 2 cents to close at $24.82 with about 220,000 shares trading.

Meanwhile, Cedar Realty’s 6.5% series C cumulative redeemable preferred stock jumped higher throughout the day.

The preferreds (NYSE: CDRPrC) rose $1.07 to close at $18.94 on volume of about 191,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.19%, pushing past the 0.05% pickup from early Monday trading.

The iShares US Preferred Stock ETF was up 22 cents to $36.75.

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