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Morning Commentary: Goldman Sachs rises; Energy Transfer preferreds mixed; Ashford dives
By James McCandless
San Antonio, July 11 – The preferred market opened Thursday on a positive trend with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.07%.
At the top of early trading, Goldman Sachs Group, Inc.’s5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock was on the rise.
The preferreds (NYSE: GSPrJ) were up 3 cents to $26.15 on volume of about 229,000 shares.
Sector peer U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferreds were relatively active but flat early on.
The preferreds (NYSE: USBPrP) were level at $26.19 with about 98,000 shares trading.
Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were moving upward as the session started.
The 8.05% preferreds (NYSE: DKT) were gaining 7 cents to $25.29 on volume of about 72,000 shares.
The 6.55% preferreds (NYSE: DXB) were better by 7 cents to $24.55 on volume of about 71,000 shares.
The preferreds were moving better despite news out early Thursday that the U.S. Department of Justice has expanded its investigation into Malaysia’s 1MDB investment fund to include Deutsche Bank.
Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.625% series D and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were mixed as the day started.
The series D preferreds (NYSE: ETPPrD) were flat at $24.73 with about 77,000 shares trading.
The series E preferreds (NYSE: ETPPrE) were adding 2 cents to $25.02 with about 63,000 shares trading.
Real estate investment trust Ashford Hospitality Trust, Inc.’s 8.45% series D cumulative preferreds saw an early dive.
The preferreds (NYSE: AHTPrD) were losing 44 cents to $21.39 on volume of about 44,000 shares.
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