Highland ends under par; Energy Transfer preferreds dip; Public Storage edges higher

By James McCandless

San Antonio, July 30 – In the Tuesday session, the preferred space saw a general decline even as some top-volume movers trended upward.

Volume leader Highland Income Fund’s new $135 million 5.375% series A cumulative preferred shares ended under par.

Energy name Energy Transfer Operating, LP’s 7.6% series E and 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units dipped.

REIT Public Storage’s 5.6% series H cumulative preferred shares finished the day on a positive note.

Sector peer Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds also improved.

Meanwhile, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds jumped higher.

Highland below par

On its first trading day, Highland Income Fund’s new $135 million 5.375% series A cumulative preferred shares were seen closing below par.

The preferreds, trading under the temporary symbol “HFROP,” closed at $24.82 on volume of about 2.9 million shares.

The deal was announced on Monday.

Energy Transfer dips

Oil and gas name Energy Transfer’s 7.6% series E and 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were seen dipping.

The series E preferreds (NYSE: ETPPrE) were down 12 cents to close at $25.25 with about 1.4 million shares trading.

The series C preferreds (NYSE: ETPPrC) were down 9 cents to close at $24.72 with about 692,000 shares trading.

Public Storage up

Public Storage’s 5.6% series H cumulative preferred shares finished the day on a positive note.

The preferreds (NYSE: PSAPrH) added 3 cents to close at $27.19 on volume of about 553,000 shares.

Sector peer Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds were also improving on Tuesday.

The preferreds (NYSE: NLYPrI) picked up 3 cents to close at $25.68 with about 241,000 shares trading.

JPMorgan higher

Meanwhile, in the finance space, JPMorgan’s 5.75% series DD and 6% series EE non-cumulative preferreds jumped higher.

The series DD preferreds (NYSE: JPMPrD) gained 32 cents to close at $27.68 on volume of about 442,000 shares.

The series EE preferreds (NYSE: JPMPrE) rose 34 cents to close at $27.74 on volume of about 287,000 shares.

On Monday, the preferreds tacked on 15 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session down 0.24%, adding on to the 0.03% loss from early Tuesday activity.

The iShares US Preferred Stock ETF was down 6 cents to $37.35.

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