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Morning Commentary: Preferred stocks mixed; Associated Banc-Corp flat; Dynagas improves
By Cristal Cody
Tupelo, Miss., Oct. 24 – Preferred stocks opened mixed on Wednesday as stocks overall remained soft.
After closing Tuesday down 0.22%, the Wells Fargo Hybrid and Preferred Securities index ticked up 0.08% over the morning.
The U.S. iShares Preferred Stock ETF remained weak at the start of the session after closing Tuesday off 0.30%. The iShares ETF was down 0.06% at mid-morning.
Associated Banc-Corp’s 5.875% series E non-cumulative perpetual preferred stock (Baa3/BB) (NYSE: ASBPrE) was flat at the open after gaining 21 cents, or 0.86%, to close at $24.09 on Tuesday.
The bank holding company sold $100 million of the $25-par shares on Sept. 19.
DCP Midstream, LP’s 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (B1/B/BB-) also were flat in the secondary market early Wednesday on an average trading volume of 79,000 shares. The preferreds (NYSE: DCPPrC) fell 27 cents, or 1.08%, to close on Tuesday at $24.55.
DCP Midstream priced $100 million of the units on Oct. 2 at par of $25.
Meanwhile, Dynagas LNG Partners LP’s 8.75% series B fixed-to-floating rate perpetual preferreds gained 5 cents, or 0.20%, to $24.73 early Wednesday on volume of about 234,500 preferreds.
The preferred shares, traded under the temporary symbol “DGAGF,” fell 8 cents, or 0.32%, to end Tuesday at $24.62.
Dynagas sold $55 million of the $25-par preferreds on Oct. 16. The issue has an $8.25 million greenshoe.
Looking at the primary market, one issuer has priced new preferred shares week to date.
On Monday, Citizens Financial Group, Inc. sold $300 million, or 300,000 shares, of fixed-to-floating rate non-cumulative perpetual preferred stock (BB+/BB-) with a 6.375% dividend.
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