Morning Commentary: AT&T preferreds higher; First Republic active; Public Storage climbs

By James McCandless

San Antonio, Dec. 23 – The preferred market opened a short holiday week largely positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.08%.

At the top of Monday morning trading, telecom name AT&T Inc.’s 5% series A perpetual preferred stock was pushing higher.

The preferreds (NYSE: TPrA) were up 1 cent to $25.96 on volume of about 142,000 shares.

Meanwhile, in the finance space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock also started on the positive side.

The preferreds (NYSE: FRCPrJ) were adding 1 cent to $25.33 with about 81,000 shares trading.

Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock followed the morning trend.

The preferreds (NYSE: EQHPrA) were gaining 7 cents to $25.77 on volume of about 74,000 shares.

Morgan Stanley’s 4.875% series L non-cumulative preferreds were also shifting upward.

The preferreds (NYSE: MSPrL) were improving by 2 cents to $25.29 with about 60,000 shares trading.

Elsewhere, real estate investment trust Public Storage’s 4.75% series K cumulative preferred shares were climbing.

The preferreds (NYSE: PSAPrK) were shifting up by 10 cents to $25.27 on volume of about 59,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.