U.S. Bancorp edges higher; Bank of America improves; Public Storage preferreds gain

By James McCandless

San Antonio, Aug. 28 – Newer issues continued to remain the focal point of preferred trading on Tuesday.

U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock rose, leading trading.

The preferred stock (NYSE: USBPrP) was up 2 cents to close at $25.32 on volume of about 371,000 shares. On Monday, the preferreds added 2 cents.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock improved.

The preferreds (NYSE: BACPrK) were up 8 cents to close at $25.56 with about 370,000 shares trading.

On Monday, the preferreds lost 4 cents.

Public Storage’s 5.2% series W cumulative preferred shares gained.

In a recent second-quarter report, the company showed earnings of $2.65 per share, beating analyst expectations of $2.61 per share.

The preferreds (NYSE: PSAPrW) were up 19 cents to close at $25.08 on volume of about 357,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.05% at market close, reversing a 0.12% drop in early trading on Tuesday.

The iShares US Preferred Stock ETF was up 8 cents to $37.84.

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