Public Storage prices; Allstate under par; JPMorgan preferreds decline

By James McCandless

San Antonio, Nov. 5 – The preferred space saw a sustained decline on Tuesday, extending a negative run from the start of the week.

The primary market saw Public Storage price a $225 million offering of $25-par series J cumulative preferred shares at par with a dividend of 4.7%.

Leading the secondary in volume, Allstate Corp.’s new $300 million 4.75% series I fixed-rate non-cumulative perpetual preferred stock finished under par.

The preferreds, trading under the temporary symbol “ASTLZ,” closed under par at $24.91 on volume of about 1.5 million shares.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s new 4.75% series GG non-cumulative perpetual preferred stock declined.

The preferreds, trading under the temporary symbol “JPGGL,” declined by 11 cents to close at $24.89 with about 1.4 million shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock followed the negative trend.

Meanwhile, asset manager Northern Trust Corp.’s recent 4.7% series E non-cumulative perpetual preferreds closed the day better.

REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock dived by the end of activity.

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