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Allstate preferreds decline; WesBanco better; Public Storage active, unchanged
By James McCandless
San Antonio, Aug. 27 – Wrapping up Thursday, the preferred space extended a run of improvements.
As the day’s volume leader, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was seen declining.
Meanwhile, in the finance space, WesBanco, Inc.’s 6.75% series A fixed-rate reset non-cumulative perpetual preferreds saw better levels.
Sector peer Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock followed the positive trend.
U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock took a fall as the day concluded.
Elsewhere, REIT Public Storage’s 5.2% series W cumulative preferred shares were active but ultimately unchanged.
Allstate down
As the day’s secondary volume leader, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was seen declining.
The preferreds (NYSE: ALLPrH) were down 18 cents to close at $27.07 on volume of about 734,000 shares.
WesBanco up
Meanwhile, in the finance space, WesBanco’s 6.75% series A fixed-rate reset non-cumulative perpetual preferreds saw better levels.
The preferreds (Nasdaq: WSBCP) gained 16 cents to close at $26.38 with about 496,000 shares trading.
Sector peer Truist’s 4.75% series R non-cumulative perpetual preferred stock followed the overarching positive trend.
The preferreds (NYSE: TFCPrR) rose 7 cents to close at $26.45 on volume of about 384,000 shares.
U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock took a fall as the day concluded.
The preferreds (NYSE: USBPrH) dropped 32 cents to close at $22.18 with about 363,000 shares trading.
Public Storage flat
Elsewhere, real estate investment trust Public Storage’s 5.2% series W cumulative preferred shares were active but ultimately unchanged.
The preferreds (NYSE: PSAPrW) closed level at $25.30 on volume of about 364,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index capped the session up by 0.22%, building on a 0.07% lift from early Thursday trading.
The iShares US Preferred Stock ETF was down 1 cent to $36.69.
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