Public Storage rises; First Midwest under par; Athene preferreds move up

By James McCandless

San Antonio, June 18 – The preferred market saw modest gains on Thursday as top traders were mixed by the end of the day.

On top of secondary trading, REIT Public Storage’s recent 4.625% series L cumulative preferred shares rose.

Sector peer Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock was pushed lower as the session ended.

Meanwhile, in the finance space, First Midwest Bancorp, Inc.’s new $110 million 7% series C non-cumulative perpetual preferred stock landed under par.

JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock closed the afternoon with an improvement.

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

Public Storage rises

On top of Thursday secondary trading, real estate investment trust Public Storage’s recent 4.625% series L cumulative preferred shares saw a rise.

The preferreds (NYSE: PSAPrL) were up 24 cents to close at $24.84 on volume of about 592,000 shares.

On Wednesday, the preferreds picked up 20 cents.

Sector peer Ashford Hospitality’s 7.375% series G cumulative preferred stock was pushed lower as the session ended.

The preferreds (NYSE: AHTPrG) dropped 69 cents to close at $9.74 with about 286,000 shares trading.

First Midwest below par

Meanwhile, in the finance space, First Midwest’s new $110 million 7% series C non-cumulative perpetual preferred stock landed under par on its first trading day.

The preferreds, trading under the temporary symbol “FMDWL,” closed at $24.78 on volume of about 590,000 shares.

The deal priced on Wednesday.

JPMorgan’s 4.75% series GG non-cumulative preferred stock closed the afternoon with an improvement.

The preferreds (NYSE: JPMPrJ) gained 7 cents to close at $25.09 with about 232,000 shares trading.

Athene up

Elsewhere, retirement services name Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares moved upward.

The preferreds (NYSE: ATHPrC) tacked on 5 cents to close at $25.12 on volume of about 386,000 shares.

On Wednesday, the preferreds were pushed down 8 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.21%, rising off of a 0.05% dip from early Thursday trading.

The iShares US Preferred Stock ETF was down 8 cents to $34.96.

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