Public Storage positive; Bank of America preferreds gain; AT&T gains

By James McCandless

San Antonio, June 15 – The preferred market started a new week with overall gains as top traders varied.

Leading the secondary on Monday, REIT Public Storage’s new 4.625% series L cumulative preferred shares led the positive drive.

Meanwhile, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock improved.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities trailed.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but unchanged.

Elsewhere, AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the session with a modest gain.

Public Storage positive

Leading the Monday secondary activity, real estate investment trust Public Storage’s new 4.625% series L cumulative preferred shares led the day’s positive drive.

The preferreds, trading under the temporary symbol “PUBXL,” were up 10 cents to close at $24.60 on volume of about 381,000 shares.

Bank of America rises

Meanwhile, in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock improved as the afternoon ended.

The preferreds (NYSE: BACPrN) added 6 cents to close at $24.81 with about 254,000 shares trading.

On Friday, the preferreds garnered 6 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities trailed off, bucking the trend.

The preferreds (NYSE: ALLYPrA) declined by 20 cents to close at $22.42 on volume of about 252,000 shares.

On Friday, the preferreds tacked on 5 cents.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but ultimately unchanged.

The preferreds (NYSE: WFCPrQ) held level to close at $24.89 with about 227,000 shares trading.

AT&T gains

Elsewhere, telecom services provider AT&T’s 4.75% series C perpetual preferred stock finished the session with a modest gain.

The preferreds (NYSE: TPrC) picked up 5 cents to close at $23.23 on volume of about 226,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index moved up 0.20% by the close, reversing a 0.33% slide from early Monday trading.

The iShares US Preferred Stock ETF was up 23 cents to $34.63.

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