Morning Commentary: Public Storage rises; Qwest $25-par notes down; Wells Fargo varies

By James McCandless

San Antonio, Oct. 22 – The preferred space pushed higher early Thursday with the Wells Fargo Hybrid & Preferred Securities Financial index starting up by 0.14%.

At the top of Thursday’s early trading volume, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares were rising.

The preferreds (NYSE: PSAPrL) were up 4 cents to $24.89 on volume of about 194,000 shares.

Sector peer PennyMac Mortgage Investment Trust’s 8% series B fixed-to-floating rate cumulative redeemable preferred shares were falling, going against the prevailing trend.

The preferreds (NYSE: PMTPrB) were dropping 61 cents to $22.93 with about 51,000 shares trading.

Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 began the session on the negative side.

The notes (NYSE: CTBB) were shaving off 3 cents to $25.34 on volume of about 30,000 notes.

Financial services name Wells Fargo & Co.’s 4.75% series Z and 6% series V non-cumulative perpetual class A preferreds started the day on opposite sides.

The series Z preferreds (NYSE: WFCPrZ) were tacking on 1 cent to $25.20 with about 26,000 shares trading.

The series V preferreds (NYSE: WFCPrV) were shedding 3 cents to $25.35 with about 26,000 shares trading.

Elsewhere in the finance space, Goldman Sachs Group, Inc.’s 6.375% series K fixed-to-floating rate perpetual non-cumulative preferred stock was trailing.

The preferreds (NYSE: GSPrK) were declining by 17 cents to $28.32 on volume of about 25,000 shares.

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