Morning Commentary: Preferreds mixed; primary quiet; Wells Fargo up; EPR Properties unchanged

By Cristal Cody

Tupelo, Miss., Nov. 22 – Preferred stocks opened mixed on Wednesday in mostly light market activity ahead of the Thanksgiving Day holiday.

The Wells Fargo Hybrid and Preferred Securities index dropped 1 basis point.

The U.S. iShares Preferred Stock ETF climbed 10 bps by midmorning.

The primary market was quiet with no reported issuers marketing securities.

In early trading over the morning, Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) gained 7 cents, or 0.27%, to $26.23.

The preferred stock has been heavily traded since the previous week after investors realized it would not be called on its first optional call date, according to market sources. The preferreds have a call date of Dec. 15, 2017.

In other trading early Wednesday, EPR Properties’ new $150 million of cumulative redeemable perpetual preferred shares that priced on Monday were unchanged at $24.75 after going out on Tuesday down 25 cents, or 0.10%. The preferreds are trading over the counter under the the temporary symbol “EPRRP.”

EPR Properties, a Kansas City, Mo.-based real estate investment trust, plans to list the preferreds on the New York Stock Exchange under the symbol “EPRPrG.”

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