SoCal Edison preferreds rise; Brighthouse dips; NuStar active, unchanged

By James McCandless

San Antonio, Nov. 24 – Moving into the Tuesday session, the preferred space saw mostly positive movements.

On top of secondary trading, Southern California Edison’s 5.45% cumulative fixed-to-floating rate trust preferred securities and its 5% cumulative trust preferred securities both rose.

Elsewhere, insurance carrier Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferred stock dipped.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were active but unchanged.

Meanwhile, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds finished on the positive side.

Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock pushed upward.

SoCal Edison rises

On top of the day’s secondary trading, utilities provider Southern California’s 5.45% cumulative fixed-to-floating rate trust preferred securities and its 5% cumulative trust preferred securities both rose.

The 5.45% preferreds (NYSE: SCEPrK) were up 9 cents to close at $24.25 on volume of about 1.2 million shares.

The 5% preferreds (NYSE: SCEPrL) tacked on 6 cents to close at $23.50 on volume of about 446,000 shares.

Brighthouse dips

Elsewhere, insurance carrier Brighthouse’s 5.375% series C non-cumulative perpetual preferred stock dipped as the session closed.

The preferreds (Nasdaq: BHFAN) declined by 15 cents to close at $25.61 with about 446,000 shares.

On Monday, the preferreds tacked on 6 cents.

NuStar flat

Oil and gas name NuStar Energy’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were active but ultimately concluded unchanged.

The preferreds (NYSE: NSPrB) held level to close at $18.00 on volume of about 358,000 shares.

Monmouth positive

Meanwhile, real estate investment trust Monmouth’s 6.125% series C cumulative redeemable preferreds finished on the positive side.

The preferreds (NYSE: MNRPrC) improved by 2 cents to close at $25.10 with about 343,000 shares trading.

Sector peer AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock pushed upward throughout the session.

The preferreds (Nasdaq: AGNCP) added 1 cent to close at $22.07 on volume of about 328,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index drifted down 0.10% to close Tuesday.

The index ended Monday up by 0.21%, moved down 0.04% on Friday and was up by 0.18% on Thursday.

The iShares US Preferred Stock ETF was up 9 cents to $37.77.

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