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.

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

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.

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.

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

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

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

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