Morning Commentary: Preferred stocks mixed at start of session; primary quiet; Kimco flat

By Cristal Cody

Tupelo, Miss., Dec. 20 – Preferred stocks opened mixed on Wednesday as year-end market activity continues to thin.

The Wells Fargo Hybrid and Preferred Securities index dropped 6 basis points.

The U.S. iShares Preferred Stock ETF rose 14 bps.

In early trading, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) were unchanged at $24.62 in the over-the-counter market under the temporary symbol “KMCCP.”

The preferreds fell 12 cents, or 0.49%, on Tuesday.

The shares are expected to start trading on the New York Stock Exchange within 30 days of issuance under the permanent ticker symbol “KIMPrM.”

Kimco, a New Hyde Park, N.Y.-based real estate investment trust, priced $230 million of the $25-par class M cumulative redeemable preferred shares on Dec. 11.

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