Truist Financial preferreds improve; Public Storage trades above par; Athene better

By James McCandless

San Antonio, Aug. 12 – Preferred secondary trading reflected a generally positive tone in the market on Wednesday.

Leading secondary trading volume, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock improved.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock rose.

Sector peer Wintrust Financial Corp.’s 6.875% series E fixed-rate reset non-cumulative perpetual preferreds followed the overarching trend.

Meanwhile, REIT Public Storage’s new $200 million 4.125% series M cumulative preferred shares closed its first day above par.

Retirement services name Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were better.

Truist improves

At the top of the Wednesday secondary session, Truist’s 4.75% series R non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: TFCPrR) were up 17 cents to close at $25.62 on volume of about 3.1 million shares.

On Tuesday, the preferreds picked up 5 cents.

Elsewhere in the finance space, JPMorgan’s 4.75% series GG non-cumulative preferred stock spent the day rising.

The preferreds (NYSE: JPMPrJ) tacked on 2 cents to close at $26.92 with about 412,000 shares trading.

Sector peer Wintrust’s 6.875% series E fixed-rate reset non-cumulative perpetual preferreds followed Wednesday’s overarching trend.

The preferreds (Nasdaq: WTFCP) pushed up 5 cents to close at $25.89 on volume of about 359,000 shares.

Public Storage tops par

Meanwhile, real estate investment trust Public Storage’s new $200 million 4.125% series M cumulative preferred shares closed their first trading day above par.

The preferreds, trading under the temporary symbol “PSAGL,” closed at $25.30 with about 871,000 shares trading.

The deal priced on Tuesday.

Athene better

Retirement services name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were better as the afternoon ended.

The preferreds (NYSE: ATHPrC) garnered 10 cents to close at $26.21 on volume of about 533,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.28%, better than the 0.10% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was up 27 cents to $36.40.

© 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.