Morning Commentary: UMH Properties up; AT&T $25-par notes rise; Bank of America lower

By James McCandless

San Antonio, May 8 – Top-trading preferred shares saw mixed activity early Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.03%.

Leading trading volume as the session opened, UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock was moving up.

The preferreds (NYSE: UMHPrC) rose 4 cents to $25.01 on volume of about 35,000 shares.

Elsewhere, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 were also on the rise early Wednesday.

The notes (NYSE: TBB) jumped up 13 cents to $25.38 with about 26,000 notes trading.

Meanwhile, in the finance space, Bank of America Corp.’s 6% series GG non-cumulative preferred stock was falling as trading began.

The preferreds (NYSE: BACPrB) were lower by 12 cents to $26.32 on volume of about 24,000 shares.

Sector peer Capital One Financial Corp.’s 5.2% series G fixed rate non-cumulative perpetual preferreds were slightly positive.

The preferreds (NYSE: COFPrG) picked up 2 cents to $25.00 with about 19,000 shares trading.

In utilities, NextEra Energy Capital Holdings’ 5.125% series I junior subordinated debentures due 2072 were also negative.

The debentures (NYSE: NEEPrI) were down 3 cents to $24.78 on volume of about 15,000 debentures.

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