Morning Commentary: Duke Energy preferreds improve; Brighthouse negative; Digital Realty up

By James McCandless

San Antonio, April 3 – The preferred market opened Wednesday slightly positive as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.10%.

At the top of early activity, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was moving upward.

The preferreds (NYSE: DUKPrA) were up 3 cents to $25.49 on volume of about 146,000 shares.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferreds started the session negative.

The preferreds (Nasdaq: BHFAP) were losing 4 cents to $25.86 with about 82,000 shares trading.

Elsewhere, real estate investment trust Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferred stock was pushing up.

The preferreds (NYSE: DLRPrK) were up 4 cents to $25.32 on volume of about 52,000 shares.

In the finance space, Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferred stock was positive.

The preferreds (NYSE: WFCPrX) were adding 2 cents to $25.35 on volume of about 41,000 shares.

Sector peer JPMorgan Chase & Co.’s 6.15% series BB non-cumulative preferred stock was relatively active but flat Wednesday morning.

The preferreds (NYSE: JPMPrH) were level at $26.35 with about 31,000 shares trading.

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