Public Storage better; DiamondRock preferreds improve; Wells Fargo dips

By James McCandless

San Antonio, Oct. 9 – The preferred market finished out the week with mostly positive movements with pockets of weakness.

On top of the day’s secondary, REIT Public Storage’s 3.875% series N cumulative preferred shares were up 3 cents to close at $25.01 on volume of about 262,000 shares.

Property name DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferred stock improved by 16 cents to close at $26.05 with about 193,000 shares trading.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds shaved off 1 cent to close at $25.30 on volume of about 226,000 shares.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities picked up 2 cents to close at $25.71 with about 187,000 shares trading.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares declined by 1 cent to close at $24.89 on volume of about 170,000 shares.

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