Public Storage prices; Bank of America dips; Pennsylvania REIT preferreds boosted

By James McCandless

San Antonio, Nov. 9 – At the open of a new week, the preferred market mostly improved on news of a potential COVID vaccine.

In the primary space, Public Storage plans to price a $150 million offering of $25-par cumulative preferred shares with a dividend of 3.9% at par.

At the top of the secondary trading pack, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were down 5 cents to close at $25.23 on volume of about 814,000 shares.

Also in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds picked up 8 cents to close at $25.03 with about 558,000 shares trading.

Meanwhile, property owner Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds jumped up $1.18 to close at $6.75 on volume of about 298,000 shares trading.

Sector peer New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferreds gained 43 cents to close at $19.32 with about 295,000 shares trading.

Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds tacked on 4 cents to close at $24.94 on volume of about 281,000 shares.

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