Pennsylvania REIT spikes; Public Storage preferreds rise; Ally Financial lower

By James McCandless

San Antonio, Oct. 14 – Leading into the second half of the week, the preferred market took an upward swing.

As Thursday’s volume leader, property name Pennsylvania REIT’s 7.2% series C and 6.875% series D cumulative redeemable perpetual preferred shares spiked.

The series C preferreds were up $1.14 to close at $6.16 on volume of about 305,000 shares.

The series D preferreds jumped $1.40 to close at $6.50 on volume of about 222,000 shares

Sector peer Public Storage’s 3.875% series N cumulative preferred shares garnered 18 cents to close at $25.20 with about 179,000 shares trading.

Financial services name Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped 1 cent to close at $25.68 on volume of about 227,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares tacked on 1 cent to close at $25.44 with about 179,000 shares trading.

Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferreds shifted up 2 cents to close at $25.96 on volume of about 144,000 shares.

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