Allstate preferreds weaker; Monmouth sees boost; Morgan Stanley negative

By James McCandless

San Antonio, Aug. 26 – As the Monday preferred session came to a close, top traders saw a divergence to start the week.

Leading activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock finished weaker, down 7 cents to close at $25.82 on volume of about 277,000 shares.

Meanwhile, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds saw a boost, adding 19 cents to close at $24.84 with about 253,000 shares trading.

Sector peer New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds saw a slight gain, tacking on 1 cent to close at $24.95 on volume of about 208,000 shares.

In finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock declined by 1 cent to close at $27.18 with about 195,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units improved 10 cents to close at $25.33 on volume of about 131,000 shares.

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