Southern Co. $25-par notes lose; Public Storage positive; Bank of America dips

By James McCandless

San Antonio, Sept. 18 – At the end of the week for the preferred market, the overall market was negative while top traders differed.

As Friday’s volume leader, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 lost ground.

Meanwhile, REIT Public Storage’s 5.2% series W cumulative preferred shares closed the day on a positive note.

In the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock dipped.

Sector peer Capital One Financial Corp.’s recent 4.625% series K fixed-rate non-cumulative perpetual preferreds rose.

Elsewhere, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock bounced to a higher position.

Southern Co. loses

As Friday’s secondary volume leader, utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 lost some ground.

The notes (NYSE: SOJA) were down 4 cents to close at $25.37 on volume of about 284,000 notes.

Public Storage positive

Meanwhile, real estate investment trust Public Storage’s 5.2% series W cumulative preferred shares closed the day on a positive note.

The preferreds (NYSE: PSAPrW) garnered 2 cents to close at $25.00 with about 236,000 shares trading.

On Thursday, the preferreds declined by 2 cents.

Bank of America dips

In the finance space, Bank of America’s 5% series LL non-cumulative preferred stock dipped at the end of the afternoon.

The preferreds (NYSE: BACPrN) shaved off 2 cents to close at $26.33 on volume of about 236,000 shares.

Sector peer Capital One’s recent 4.625% series K fixed-rate non-cumulative perpetual preferreds spent the day on the rise.

The preferreds, trading under the temporary symbol “COFKL,” improved by 5 cents to close at $24.05 with about 186,000 shares trading.

AT&T bounces

Elsewhere, telecom company AT&T’s 4.75% series C perpetual preferred stock bounced to a higher position.

The preferreds (NYSE: TPrC) moved up 14 cents to close at $25.67 on volume of about 213,000 shares.

On Thursday, the preferreds gave up 12 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week down by 0.10%, reversing a 0.03% rise in early Friday trading.

The iShares US Preferred Stock ETF was down 3 cents to $36.44.

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