Preferred deal pipeline quiet; market mixed; Morgan Stanley gains; Cedar Realty better

By Cristal Cody

Tupelo, Miss., Dec. 18 – Preferred stock issuers stayed to the sidelines on Monday with no reported issuance in the primary market.

Preferred stocks were mostly mixed over the session.

The Wells Fargo Hybrid and Preferred Securities index climbed 28 basis points.

The U.S. iShares Preferred Stock ETF ended 13 bps weaker.

Morgan Stanley’s preferred stocks remained active in trading over the day.

The company’s depositary shares, which represent 1/1,000th of a share of series K non-cumulative preferred stock, were among the company’s most actively traded preferred stocks. The series K preferreds rose 13 cents, or 0.48%, to $27.26 during the session.

Also in trading, Morgan Stanley’s depositary shares (NYSE: MSPrE) that represent 1/1,000th of a share of series E non-cumulative preferred stock climbed 18 cents, or 0.62%, to $29.33.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) also were active in trading during the session. The preferreds closed up 1 cent, or 0.04%, to $25.59.

The series J preferred stock was not called on Friday, its first optional call date.

In other trading, Cedar Realty Trust, Inc.’s 6.5% series C cumulative redeemable preferred stock (NYSE: CDRPrC) improved 3 cents, or 0.12%, to $24.56 on Monday.

The company sold a $50 million, or 2 million share, add-on to the 6.5% series C cumulative redeemable preferred stock on Wednesday at $25.00 per share.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.