AT&T preferreds positive; SoCal Edison rises; Morgan Stanley moves higher

By James McCandless

San Antonio, Dec. 18 – The preferred market session sustained positive direction as the week hit the midpoint.

Leading trading, telecom name AT&T Inc.’s 5% series A perpetual preferred stock continued to trade positively on Wednesday.

In utilities, Southern California Edison Co., a subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating rate trust preferred securities rise.

Financial services name Morgan Stanley’s 4.875% series A non-cumulative preferred stock followed the market trend.

Sector peer Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities inched upward.

Elsewhere, REIT Public Storage’s recent 4.75% series K cumulative preferreds tracked higher.

AT&T positive

Leading Wednesday trading, telecom company AT&T’s 5% series A perpetual preferred stock continued to move positively.

The preferreds (NYSE: TPrA) were up 17 cents to close at $25.69 on volume of about 939,000 shares.

On Tuesday, the preferreds added 8 cents.

SoCal Edison rises

In the utilities space, Southern California Edison’s 5.75% cumulative fixed-to-floating rate trust preferred securities were also on the rise.

The preferreds (NYSE: SCEPrH) shot up 11 cents to close at $24.23 with about 910,000 shares trading.

Morgan Stanley better

Financial services provider Morgan Stanley’s 4.875% series A non-cumulative preferred stock followed the market trend.

The preferreds (NYSE: MSPrL) improved by 8 cents to close at $25.14 on volume of about 729,000 shares.

On Tuesday, the preferreds declined by 2 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities inched upward by the close.

The preferreds (NYSE: ALLYPrA) gained 1 cent to close at $26.01 with about 506,000 shares trading.

Public Storage higher

Elsewhere, real estate investment trust Public Storage’s recent 4.75% series K cumulative preferreds tracked higher through the afternoon.

The preferreds, trading under the temporary symbol “PBSGZ,” shifted up by 7 cents to close at $25.18 on volume of about 668,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed better by 0.19%, improving on the 0.03% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up 4 cents to $37.52.

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