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Morning Commentary: Preferreds down in early trading; Public Storage, Colony NorthStar active
By Abigail W. Adams
Portland, Me., March 2 – The preferreds market was down alongside broader equity markets early in Friday’s session with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF down.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% and the U.S. iShares Preferred Stock ETF was down 0.29% early Friday.
While the broader market was down, Public Storage’s depositary shares representing 5.15% series F cumulative preferred shares were up in high-volume trading. The depositary shares were up to $24.10, an increase of 6 cents, or 0.25%, early Friday.
The depositary shares saw more than 357,000 shares in play versus the average three-month trading volume of about 57,000.
While Public Storage’s 5.15% series F preferreds were among the most actively traded early in the session, the other series of preferreds from the Glendale, Calif.-based REIT that operates self-storage facilities garnered little attention.
Colony NorthStar Inc.’s 7.125% series J cumulative redeemable perpetual preferred stock continued to be actively traded early Friday with a slight rebound after Thursday’s nosedive.
The series J preferreds were up to $22.39, an increase of 10 cents or 0.45%, early Friday after a decrease of $1.44, or 6.07%, at the market close Thursday.
The other series of preferreds from the Los Angeles-based diversified equity REIT were not as actively traded early in the session. Some of Colony NorthStar’s preferreds continued to trade down while others showed signs of a rebound.
Colony NorthStar’s preferreds tanked on Thursday after the release of fourth-quarter and year-end reports and the announcement of a dividend cut.
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