Morning Commentary: New Public Storage preferreds above par; JPMorgan rises; Allstate up

By James McCandless

San Antonio, March 1 – The last day of the week in the preferred space saw some positive sentiment as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.48%.

Leading trading, real estate investment trust Public Storage’s new $285 million 5.6% series H cumulative preferred shares opened their first session above par.

The preferreds, trading under the temporary symbol “PSALL,” were spotted at $25.09 on volume of about 1.4 million shares.

The deal priced on Thursday.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock were both rising.

The series DD preferreds (NYSE: JPMPrD) gained 3 cents to $25.42 with about 131,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) picked up 13 cents to $26.02 with about 95,000 shares trading.

Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the positive movement.

The preferreds (NYSE: WFCPrQ) rose 7 cents to $25.54 on volume of about 102,000 shares.

People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock improved.

The preferreds (Nasdaq: PBCTP) added 18 cents to $23.69 with about 76,000 shares trading.

In the insurance space, Allstate Corp.’s 5.625% series G fixed rate non-cumulative perpetual preferreds also began on a positive note.

The preferreds (NYSE: ALLPrG) were up 12 cents to $25.00 on volume of about 93,000 shares.

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