Public Storage preferreds price; Truist skews higher; Pennsylvania REIT drops

By James McCandless

San Antonio, Aug. 11 – The preferred market finished the Tuesday session with mixed results among top traders.

In primary activity, Public Storage priced a $200 million offering of $25-par series M cumulative preferred shares with a dividend of 4.125%.

Leading the secondary space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock moved higher.

Elsewhere in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds gained.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the afternoon weaker.

Real estate investment trust Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares dropped.

Meanwhile, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock was seen improving.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.