Preferred stocks lose ground in shortened holiday trading; REIT preferreds modestly active

By Stephanie N. Rotondo

Phoenix, Dec. 24 – Preferred stocks slipped in Christmas Eve trading, even as liquidity was severely diminished in the abbreviated holiday session.

The Wells Fargo Hybrid and Preferred Securities index was down 12 basis points at day’s end. In early trading, it was up 2 bps.

Real estate investment trust preferreds were among the more actively traded issues of the day, as investors looked to move around portfolio positions ahead of year-end.

American Realty Capital Properties Inc.’s 6.7% series F cumulative preferreds (Nasdaq: ARCPP) continued to move higher, closing up 19 cents to $21.75.

However, Kimco Realty Corp.’s 5.625% class K cumulative redeemable preferreds (NYSE: KIMPK) were off 12 cents at $25.60.

Public Storage preferreds were mixed.

Public Storage’s 5.75% series T cumulative preferreds (NYSE: PSAPT) and 5.375% series V cumulative preferreds (NYSE: PSAPV) were unchanged at $24.39 and $23.04, respectively. The 5.2% series W cumulative preferreds (NYSE: PSAPW) earned a nickel, finishing at $22.77.

Away from REITs, Goodrich Petroleum Corp.’s 9.75% series D cumulative redeemable preferreds (NYSE: GDPPD) were coming in as oil prices began to fall anew.

The preferreds closed at $8.05, down 85 cents, or 9.55%.

Oil prices began to drop again amid news of an increase in the U.S. crude oil stockpiles.

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