Public Storage active, unchanged; JPMorgan preferreds rise; AT&T lifted

By James McCandless

San Antonio, Oct. 12 – At the beginning of the week, the preferred space experienced overall positivity, though top traders varied.

Leading the secondary activity, REIT Public Storage’s 3.875% series N cumulative preferred shares were active but unchanged.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds were on the rise.

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

Charles Schwab Corp.’s 6% series C non-cumulative perpetual preferred stock also saw weakness at the end of the session.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was lifted as the close came.

Public Storage flat

Leading the Monday secondary activity, real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares was active but ultimately unchanged.

The preferreds (NYSE: PSAPrN) held level to close at $25.01 on volume of about 378,000 shares.

On Friday, the preferreds moved up 3 cents.

JPMorgan rises

Elsewhere, in the finance space, JPMorgan’s 4.75% series GG non-cumulative preferreds were on the rise.

The preferreds (NYSE: JPMPrC) picked up 11 cents to close at $26.96 with about 215,000 shares trading.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock spend the day under water.

The preferreds (NYSE: COFPrJ) shaved off 5 cents to close at $24.84 on volume of about 194,000 shares.

On Friday, the preferreds declined by 1 cent.

Charles Schwab’s 6% series C non-cumulative perpetual preferred stock also saw weakness at the end of the session.

The preferreds (NYSE: SCHWPrC) chalked off 7 cents to close at $25.35 with about 180,000 shares trading.

AT&T lifted

Meanwhile, telecom services provider AT&T’s 4.75% series C perpetual preferred stock was lifted as the close of trading came.

The preferreds (NYSE: TPrC) jumped up 19 cents to close at $25.99 on volume of about 189,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day unchanged, climbing back from a 0.17% loss in early Monday trading.

The iShares US Preferred Stock ETF was up 5 cents to $37.09.

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