Morning Commentary: Wells Fargo preferreds improve; Public Storage lower; NextEra up

By James McCandless

San Antonio, Oct. 19 – The preferred market opened the week with early gains as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.14%.

Leading the morning’s secondary activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was being lifted.

The preferreds (NYSE: WFCPrZ) were up 5 cents to $25.39 on volume of about 67,000 shares trading.

Elsewhere in the preferred space, Capital One Financial Corp.’s 4.625% series K fixed-rate non-cumulative perpetual preferreds were also improving.

The preferreds (NYSE: COFPrK) were tacking on 6 cents to $25.14 with about 64,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were trailing, going against the prevailing trend.

The preferreds (NYSE: ALLYPrA) were dipping 8 cents to $25.45 on volume of about 53,000 shares.

Real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares were moving on a downward path.

The preferreds (NYSE: PSAPrN) were shaving off 6 cents to $25.13 with about 67,000 shares trading.

Meanwhile, electric utilities name NextEra Energy Capital Holdings, Inc.’s 5.125% series I junior subordinated debentures due 2072 kicked off on the positive side.

The securities (NYSE: NEEPrI) were up 1 cent to $25.24 on volume of about 55,000 debentures.

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