Atlantic Union, Regions price preferreds; Public Storage negative; Truist drops

By James McCandless

San Antonio, June 2 – While the preferred space saw overall improvements, top traders ended the day under pressure.

In primary movement, Atlantic Union Bankshares Corp. priced a $150 million offering of series A perpetual non-cumulative preferred stock with a dividend of 6.875% at par of $25.00.

Also, Regions Financial Corp.’s priced a $350 million offering of $1,000-par series D non-cumulative perpetual preferred stock with a dividend of 5.75%.

At the top of secondary activity, REIT Public Storage’s 5.2% series W cumulative preferred stock finished on a negative track.

Meanwhile, in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock dropped.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was relatively active but unchanged.

Insurance company Brighthouse Financial, Inc.’s 6.75% series B non-cumulative perpetual preferreds also trailed.

Elsewhere, in telecom, AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the session with a modest rise.

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