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Morning Commentary: CIT Group preferreds shoot higher; PennyMac, Public Storage improve
By James McCandless
San Antonio, Oct. 16 – While top traders in the preferred space trended higher, the overall market was weaker with the Wells Fargo Hybrid & Preferred Securities Financial index beginning down by 0.03%.
At the top of early secondary trading on Friday, CIT Group Inc.’s 5.625% series B non-cumulative preferred stock was shooting higher.
The preferreds (NYSE: CITPrB) were up $2.52 to $25.50 on volume of about 211,000 shares.
Early Friday, the company announced that it had reached an agreement to merge with First Citizens Bancshares in an all-stock deal, with common stock shareholders getting 0.0620 of a share of First Citizens class A common stock for every CIT share owned.
With First Citizens as the surviving entity, the CIT preferreds were pushed to a higher takeout price.
Elsewhere in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was also making gains.
The preferreds (NYSE: SYFPrA) were gaining 13 cents to $25.73 with about 45,000 shares trading.
Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock started the day on the negative side.
The preferreds (NYSE: COFPrJ) were shaving off 2 cents to $24.94 on volume of about 37,000 shares.
Meanwhile, real estate investment trust PennyMac Mortgage Investment Trust’s 8% series B fixed-to-floating rate cumulative redeemable preferreds were receiving a boost.
The preferreds (NYSE: PMTPrB) were up 55 cents to $23.67 with about 51,000 shares trading.
Storage-focused property owner Public Storage’s 3.875% series N cumulative preferred shares were moving on an upward track.
The preferreds (NYSE: PSAPrN) were picking up 7 cents to $25.27 on volume of about 24,000 shares.
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