Morning Commentary: Heartland on deck; Public Storage active, level; Atlantic Union up

By James McCandless

San Antonio, June 19 – The preferred market was improving in early Friday trading with the Wells Fargo Hybrid & Preferred Securities Financial index beginning up by 0.04%.

In more primary activity, Heartland Financial USA, Inc. announced plans to price an offering of $25-par series E fixed-rate reset non-cumulative perpetual preferred stock.

Raymond James & Associates, Inc., Keefe, Bruyette & Woods, Inc., Wells Fargo Securities, LLC, D.A. Davidson & Co. and Piper Sandler & Co. are the bookrunners.

After five years and every five years thereafter, the dividend resets to a rate of five-year Treasuries plus a spread.

On the secondary side, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares were active but unchanged so far.

The preferreds (NYSE: PSAPrL) were holding level at $24.88 on volume of about 79,000 shares.

Elsewhere, in the finance space, Atlantic Union Bankshares Corp.’s 6.875% series A perpetual non-cumulative preferreds were tracking higher.

The preferreds (Nasdaq: AUBUP) were rising 7 cents to $24.39 with about 53,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock traded along the upward trend as the day started.

The preferreds (NYSE: JPMPrG) were increasing by 6 cents to $25.39 on volume of about 42,000 shares.

Wells Fargo & Co.’s 6% series T non-cumulative perpetual class A preferred stock was also experiencing an early gain.

The preferreds (NYSE: WFCPrT) were adding 17 cents to $25.61 with about 22,000 shares trading.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was rigid as the session kicked off.

The preferreds (NYSE: TPrC) were level so far at $25.60 on volume of about 25,000 shares.

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