Public Storage lower; Capital One preferreds gain; CHS higher

By James McCandless

San Antonio, Dec. 8 – The Tuesday session in the preferred space was largely positive across most sectors.

As the day’s volume leader, REIT Public Storage’s 3.9% series O cumulative preferred shares were pushed lower.

Property owner Vornado Realty Trust’s 5.25% series N cumulative redeemable preferreds were pushed into a better position.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both gained ground.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock followed the prevailing trend.

Meanwhile, agricultural company CHS, Inc.’s 7.1% series 2 class B reset rate cumulative redeemable preferred stock closed higher.

Public Storage lower

As the day’s secondary volume leader, real estate investment trust Public Storage’s 3.9% series O cumulative preferred shares were pushed lower.

The preferreds (NYSE: PSAPrO) were down 3 cents to close at $25.34 on volume of about 517,000 shares.

Property owner Vornado’s 5.25% series N cumulative redeemable preferreds were pushed into a better position as the session concluded.

The preferreds (NYSE: VNOPrN) jumped 12 cents to close at $25.40 with about 250,000 shares trading.

Capital One gains

Elsewhere, in the finance space, Capital One’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stocks both gained some ground.

The series J preferreds (NYSE: COFPrJ) tacked on 2 cents to close at $25.41 on volume of about 240,000 shares.

The series I preferreds (NYSE: COFPrI) moved up 4 cents to close at $26.07 on volume of about 185,000 shares.

Sector peer PNC Financial’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock followed the prevailing trend.

The preferreds (NYSE: PNPPrP) added 8 cents to close at $26.43 with about 181,000 shares trading.

On Monday, the preferreds declined by 7 cents.

CHS higher

Meanwhile, agricultural product company CHS’s 7.1% series 2 class B reset rate cumulative redeemable preferred stock closed higher.

The preferreds (Nasdaq: CHSCN) grabbed 15 cents to close at $28.04 on volume of about 195,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.21%.

The index finished Monday down by 0.07%, closed Friday up by 0.16% and ended up by 0.15% on Thursday.

The iShares US Preferred Stock ETF was up 6 cents to $37.99.

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