Morning Commentary: Public Storage preferreds gain; JPMorgan higher; Athene better

By James McCandless

San Antonio, June 23 – The Tuesday open in the preferred market was marked by positivity as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.04%.

At the top of the early secondary space, real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares kicked off the session with a modest gain.

The preferreds (NYSE: PSAPrL) were up 4 cents to $25.00 on volume of about 156,000 shares.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds were seeing a push to higher levels.

The preferreds (NYSE: JPMPrJ) were tacking on 4 cents to $25.00 with about 50,000 shares trading.

Sector peer Heartland Financial USA, Inc.’s new 7% series E fixed-rate reset non-cumulative perpetual preferred stock was also tracking higher.

The preferreds, trading under the temporary symbol “HRLLL,” were improving by 4 cents to $24.94 on volume of about 47,000 shares.

Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was following the early trend.

The preferreds (NYSE: TFCPrO) were grabbing 7 cents to $25.96 with about 45,000 shares trading.

Meanwhile, retirement services company Athene Holding Ltd.’s 6.275% series C fixed-rate reset perpetual non-cumulative preference shares were moving along an upward line.

The preferreds (NYSE: ATHPrC) were rising 10 cents to $25.23 on volume of about 40,000 shares.

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