Morning Commentary: Public Storage preferreds mixed; Wells Fargo trades up; AT&T lower

By James McCandless

San Antonio, Oct. 9 – Preferreds saw muted movements in early secondary trading on Friday as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.01%.

Leading early trading volume, real estate investment trust Public Storage’s 3.875% series N and 4.95% series D cumulative preferred shares were diverging.

The series N preferreds (NYSE: PSAPrN) edged 1 cent lower to $24.97 on volume of about 158,000 shares.

The series D preferreds (NYSE: PSAPrD) were adding 2 cents to $26.30 on volume of about 46,000 shares.

Elsewhere in the property space, National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferred stock was relatively active but rigid so far.

The preferreds (NYSE: NNNPrF) were holding level at $26.50 with about 32,000 shares trading.

In finance, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were trending positively as the day kicked off.

The preferreds (NYSE: WFCPrZ) were picking up 2 cents to $25.33 on volume of about 62,000 shares.

Sector peer Citizens Financial Group, Inc.’s 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock was trailing.

The preferreds (NYSE: CFGPrD) were shedding 40 cents to $27.15 with about 29,000 shares trading.

Telecom services provider AT&T, Inc.’s 5% series A cumulative perpetual preferred stock was also under pressure as Friday began.

The preferreds (NYSE: TPrA) were losing 40 cents to $26.73 on volume of about 43,000 shares.

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