Morning Commentary: Preferreds decline with broader market; Citigroup readies dividend on series Cs

By Stephanie N. Rotondo

Phoenix, Oct. 7 – Preferred stocks were coming in Tuesday as the common stock market was showing a triple-digit loss.

The equities’ decline was due in part to signs that Europe’s economy was slowing down.

“Treasuries are up on weak markets worldwide,” one trader noted, adding that there was “just nothing going on in the preferred world.”

The Wells Fargo Hybrid and Preferred Securities index was off 7 basis points at mid-morning.

Citigroup Inc.’s 5.8% series C noncumulative preferreds (NYSE: CPC) are slated to go ex-dividend on Wednesday, as holders receive 36.25 cents per share for their quarterly dividend.

The shares were trading off 9 cents to $23.78 early Tuesday.

In other dividend news, International Shipholding Corp. recently declared dividends on both the 9.5% series A cumulative redeemable perpetual preferreds (NYSE: ISHPA) and the 9% series B cumulative redeemable perpetual preferreds (NYSE: ISHPB).

Series A holders will receive $2.375 per share and the series B holders will get $2.25 per share on Oct. 30.

Both issues are $100-par paper.

In Tuesday trading, the series A preferreds were up a dollar at $104.50.

© 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.