KeyCorp preferreds decline; Duke Energy heads lower; Priority Income preferreds offered

By James McCandless

San Antonio, May 13 – As the preferred market saw a broad decline tied to trade war fears to start the week, volume leaders were mixed.

Leading the market, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferred stock declined.

The preferreds (NYSE: KEYPrK) were down 9 cents to close at $25.05 on volume of about 444,000 shares.

Elsewhere in finance, Morgan Stanley’s floating-rate non-cumulative preferred stock was relatively active but flat.

The preferreds (NYSE: MSPrA) closed level at $20.34 with about 298,000 shares trading.

Sector peer Goldman Sachs Group, Inc.’s floating-rate non-cumulative preferred stock saw a slight improvement.

The preferreds (NYSE: GSPrA) gained 2 cents to close at $19.64 on volume of about 267,000 shares.

Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds finished negative.

The preferreds (NYSE: DUKPrA) dropped 5 cents to close at $26.19 with about 162,000 shares trading.

AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred shares were higher.

The preferreds (Nasdaq: AGNCM) rose 10 cents to close at $25.16 on volume of about 159,000 shares.

In primary activity, Priority Income Fund, Inc. said it plans to price series D cumulative preferred stock due 2029 at $25.25 with a dividend of 7%.

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