Morning Commentary: Fulton preferreds top par; Public Storage dips; AT&T preferreds off

By James McCandless

San Antonio, Oct. 23 – The preferred market opened Friday with slight gains reflected in a 0.07% rise in the Wells Fargo Hybrid & Preferred Securities Financial index.

Leading the early secondary space, Fulton Financial Corp.’s new $200 million 5.125% series A fixed-rate non-cumulative perpetual preferred stock was seen moving above par on its first trading day.

The preferreds, trading under the temporary symbol “FULPP,” were spotted at $25.50 on volume of about 78,000 shares.

Elsewhere in the finance space, U.S. Bancorp’s recent 3.75% series L non-cumulative perpetual preferred stock was being lifted.

The preferreds, trading under the temporary symbol “UBKPL,” were adding 1 cent to $24.70 with about 67,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were also following the positive trend.

The preferreds (NYSE: COFPrJ) were gaining 4 cents to $24.90 on volume of about 42,000 shares.

Real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares were dipping, going against the market.

The preferreds (NYSE: PSAPrN) were shedding 5 cents to $25.00 with about 57,000 shares trading.

Meanwhile, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock were weakening.

The preferreds (NYSE: TPrC) were off 7 cents to $25.26 on volume of about 25,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.