SoCal Edison preferreds positive; Citizens Financial lower; Northern Trust dives

By James McCandless

San Antonio, Oct. 29 – The preferred market extended the overall decline that started the week into Tuesday.

However, the day’s volume leader, Southern California Edison, a subsidiary of Edison International, saw positivity in its 5% cumulative trust preference securities, which were up 26 cents to close at $22.70 on volume of about 1 million shares.

Meanwhile, in finance, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred shares fell 10 cents to close at $24.99 with about 641,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also under water, dropping 18 cents to close at $25.05 on volume of about 410,000 shares.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred shares dove 26 cents to close at $25.30 with about 608,000 shares trading.

Elsewhere, REIT PS Business Parks, Inc.’s new 4.875% series Z cumulative preferreds declined by 11 cents to close at $24.96 on volume of about 490,000 shares.

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