Morning Commentary: Public Storage preferreds improve; Energy Transfer lifted early

By James McCandless

San Antonio, Oct. 6 – At the Tuesday open, the preferred space saw more upward momentum as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.06%.

As the morning’s secondary volume leader, real estate investment trust Public Storage’s new 3.875% series N cumulative preferred shares were picking up steam.

The preferreds, trading under the temporary symbol “PSADL,” were up 3 cents to $24.85 on volume of about 37,000 shares.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also being lifted.

The preferreds (NYSE: ETPPrE) were rising 28 cents to $19.73 with about 23,000 shares trading.

In the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the day’s early trend.

The preferreds (NYSE: ALLYPrA) were gaining 12 cents to $25.37 on volume of about 22,000 shares.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were relatively active but unchanged so far.

The preferreds (NYSE: COFPrJ) were holding level at $24.90 with about 20,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 5.75% series 3 cumulative redeemable perpetual preferred units were improving.

The preferreds (Nasdaq: BPYPN) were tacking on 17 cents to $18.36 on volume of about 22,000 shares trading.

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