Morning Commentary: Allstate rises; New Residential preferreds better; Deutsche Bank up

By James McCandless

San Antonio, Aug. 20 – The preferred space was moving modestly upward on Tuesday morning with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%.

Leading early trading, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock started the session on the positive side.

The preferreds (NYSE: ALLPrH) were up 3 cents to $25.76 on volume of about 225,000 shares.

Meanwhile, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was also faring better.

The preferreds (NYSE: NRZPrB) were adding 2 cents to $25.04 with about 144,000 shares trading.

Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were sinking early Tuesday.

The preferreds (NYSE: PEIPrC) were dropping 30 cents to $20.30 on volume of about 53,000 shares.

Public Storage’s 5.6% series H cumulative preferred stock also saw some weakness.

The preferreds (NYSE: PSAPrH) were down 2 cents to $27.40 with about 51,000 shares trading.

Elsewhere, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were seen improving.

The preferreds (NYSE: DKT) were rising 8 cents to $25.69 on volume of about 46,000 shares.

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