Public Storage lower; Capital One preferreds gain; CHS higher

By James McCandless

San Antonio, Dec. 8 – The Tuesday session in the preferred space was largely positive across most sectors.

As the day’s volume leader, REIT Public Storage’s 3.9% series O cumulative preferred shares were down 3 cents to close at $25.34 on volume of about 517,000 shares.

Property owner Vornado Realty Trust’s 5.25% series N cumulative redeemable preferreds jumped 12 cents to close at $25.40 with about 250,000 shares trading.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both gained ground.

The series J preferreds tacked on 2 cents to close at $25.41 on volume of about 240,000 shares.

The series I preferreds moved up 4 cents to close at $26.07 on volume of about 185,000 shares.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds added 8 cents to close at $26.43 with about 181,000 shares trading.

Meanwhile, agricultural company CHS, Inc.’s 7.1% series 2 class B reset rate cumulative redeemable preferreds grabbed 15 cents to close at $28.04 on volume of about 195,000 shares.

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