Brookfield Property declines; Allstate preferreds gain; Merchants Bancorp improves

By James McCandless

San Antonio, Aug. 15 – Thursday activity in the preferred space was largely positive.

Brookfield Property Partners LP’s new 6.375% series 2 class A cumulative redeemable perpetual preferred units saw a small decline.

The preferreds, trading under the temporary symbol “BKOYF,” were down 3 cents to close at $24.97 on volume of about 895,000 shares.

In insurance, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was seen gaining.

The preferreds (NYSE: ALLPrH) picked up 9 cents to close at $25.48 with about 390,000 shares trading.

Elsewhere, in finance, Merchants Bancorp’s 6% series B fixed-to-floating rate non-cumulative perpetual preferred stock was also higher.

The preferreds, trading under the temporary symbol “MCSBL,” added 15 cents to close at $25.60 on volume of about 366,000 shares.

Sector peer Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferreds were rising.

The preferreds (NYSE: MSPrF) gained 9 cents to close at $28.35 with about 252,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds followed the general trend upward.

The preferreds (NYSE: JPMPrC) rose 13 cents to close at $27.98 on volume of about 190,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.35%.

The iShares US Preferred Stock ETF rose 15 cents to $37.31.

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