Public Storage negative; Wells Fargo preferreds dip; Just Energy slides

By James McCandless

San Antonio, Oct. 2 – The preferred market ended the week on shaky ground, with declines spread across multiple sectors.

Leading Friday’s secondary activity, REIT Public Storage’s new 3.875% series N cumulative preferred shares were negative.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferreds rose, going against the trend.

Utilities services name Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares slid lower.

Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

Public Storage down

Leading Friday’s secondary activity, real estate investment trust Public Storage’s new 3.875% series N cumulative preferred shares were negative.

The preferreds trading under the temporary symbol “PSADL,” were down 2 cents to close at $24.80 on volume of about 462,000 shares trading.

On Thursday, the preferreds tacked on 2 cents.

Wells Fargo dips

Meanwhile, in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped by the end of the day.

The preferreds (NYSE: WFCPrZ) shaved off 2 cents to close at $25.27 with about 425,000 shares trading.

On Thursday, the preferreds moved up 15 cents.

Sector peer PNC Financial’s 5.375% series Q non-cumulative perpetual preferreds rose, going against the prevailing trend.

The preferreds (NYSE: PNCPrQ) garnered 1 cent to close at $25.00 on volume of about 186,000 shares.

Just Energy lower

Utilities services name Just Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares slid lower.

The preferreds (NYSE: JEPrA) dived 34 cents to close at $3.02 with about 174,000 shares trading.

Energy Transfer gains

Elsewhere, in oil and gas, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

The preferreds (NYSE: ETPPrE) jumped 77 cents to close at $18.67 on volume of about 173,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week up by 0.18%, recovering from a 0.34% loss in early Friday trading.

The iShares US Preferred Stock ETF was up 1 cent to $36.53.

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