Morning Commentary: Preferred stocks strengthen amid quiet primary; EPR Properties down

By Cristal Cody

Tupelo, Miss., Nov. 21 – Preferred stocks remained positive at the market opening on Tuesday.

The Wells Fargo Hybrid and Preferred Securities index was up 7 basis points.

The U.S. iShares Preferred Stock ETF rose 6 bps over the morning.

Pricing action was quiet at the start of the session following EPR Properties’ upsized $150 million sale of split-rated cumulative redeemable perpetual preferred shares and JMP Group Inc.’s $50 million sale of $25-par 10-year senior notes.

In trading on Tuesday morning, EPR Properties’ 5.75% $25-par series G cumulative redeemable perpetual preferred shares (Baa3/BB/BB) dropped 15 cents, or 0.63%, to $24.63. The preferreds are trading over the counter under the the temporary symbol “EPRRP.”

EPR Properties plans to list the preferreds on the New York Stock Exchange under the symbol “EPRPrG.”

The Kansas City, Mo.-based real estate investment trust upsized the deal from $100 million.

In other new issue trading, Two Harbors Investment Corp.’s $275 million of 7.25% series C fixed-to-floating rate cumulative redeemable preferred stock rose 5 cents, or 0.2%, to $24.93.

The preferreds, which priced on Thursday, are trading over the counter under the temporary symbol “TWWHP.”

Two Harbors, a New York-based real estate investment trust, plans to apply to list the securities on the NYSE under the symbol “TWOPrC.”

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