Quiet session for preferreds; Bluerock prices; UMH shares tick down; banks get attention

By Christine Van Dusen

Atlanta, Oct. 16 – New York's Bluerock Residential Growth REIT Inc. priced a new issue on a mostly quiet Friday morning for preferreds, which saw significant moves on Thursday night after the larger stock market rebounded.

"Today, though, it's relatively quiet," a trader said.

Among the issues that did get some attention on Friday was UMH Properties Inc.’s $45.03 million of 8% series B cumulative redeemable preferred stock (NYSE: UMHPB) that priced at par of $25.

The preferreds traded Friday at about $24.75, the trader said.

The deal came smaller than the previously announced maximum size of up to $50 million and beyond the wide end of price talk that had been set at a dividend of 7.375% to 7.5%.

The company's existing 8.5% series A cumulative redeemable preferred shares dipped 8 cents to $25.86 on Friday.

In its new deal, Bluerock printed $62.5 million 8.25% series A cumulative redeemable perpetual preferred stock (NYSE MKT: BRGPA) at $25 per share.

On Friday the new preferreds were seen at 101 7/8.

"Doing well," the trader said.

Also getting some attention on Friday were banks, many of which released third-quarter earnings this week.

Wells Fargo & Co. saw its 6% series V class A noncumulative preferreds (NYSE: WFCPV) finish Friday at $25.90, up 14 cents.

The bank's 5.85% series Q fixed-to-floating-rate noncumulative perpetual preferreds (NYSE: WFCPQ) ended Friday at $25.60, down three cents.

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