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, up 10 cents to close at $24.60 on volume of about 381,000 shares.

Meanwhile, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred shares added 6 cents to close at $24.81 with about 254,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined by 20 cents to close at $22.42 on volume of about 252,000 shares.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but unchanged. The shares held level to close at $24.89 with about 227,000 shares trading.

Elsewhere, AT&T, Inc.’s 4.75% series C perpetual preferred stock picked up 5 cents to close at $23.23 on volume of about 226,000 shares.

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