Truist under pressure; Public Storage preferreds gain; AT&T loses

By James McCandless

San Antonio, Aug. 31 – At the end of the Monday preferred session, top traders moved in different directions.

Leading the secondary activity, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was under pressure.

Elsewhere in the finance space, WesBanco, Inc.’s 6.75% series A fixed-rate reset non-cumulative perpetual preferred stock was deflated.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock pushed upward.

REIT Public Storage’s 4.125% series M and 4.625% series L cumulative preferred shares gained by the end of the afternoon.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock lost ground to close the session.

Truist down

Leading the day’s secondary activity, Truist’s 4.75% series R non-cumulative perpetual preferred stock was under pressure.

The preferreds (NYSE: TFCPrR) were down 9 cents to close at $26.43 on volume of about 2.9 million shares.

On Friday, the preferreds gained 7 cents.

Elsewhere in the finance space, WesBanco’s 6.75% series A fixed-rate reset non-cumulative perpetual preferreds were deflated.

The preferreds (Nasdaq: WSBCP) dropped 15 cents to close at $26.30 with about 527,000 shares trading.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock pushed upward throughout the day.

The preferreds (NYSE: COFPrJ) improved by 6 cents to close at $24.27 on volume of about 323,000 shares.

Public Storage gains

Real estate investment trust Public Storage’s 4.125% series M and 4.625% series L cumulative preferred shares both gained by the end of the afternoon.

The series M preferreds (NYSE: PSAPrM) rose 11 cents to close at $26.52 with about 205,000 shares trading.

The series L preferreds (NYSE: PSAPrL) picked up 10 cents to close at $27.38 with about 113,000 shares trading.

AT&T loses

Meanwhile, telecom giant AT&T’s 4.75% series C perpetual preferred stock lost ground to close out the session.

The preferreds (NYSE: TPrC) gave up 5 cents to close at $25.37 on volume of about 182,000 shares.

On Friday, the preferreds declined by 11 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day down by 0.22%, weaker than the 0.01% gain at Monday’s start.

The iShares US Preferred Stock ETF was up 1 cent to $36.70.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.