Morning Commentary: Sotherly under par; U.S. Bancorp gains; AT&T $25-par notes higher

By James McCandless

San Antonio, April 12 – As the week headed toward the close, top-trading preferred shares were mixed with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.

Sotherly Hotels Inc.’s 8.25% series D cumulative redeemable perpetual preferred stock was seen trading under par on its first day in the secondary market.

The preferreds, trading under the temporary symbol “SOHEP,” were spotted at $24.85 on volume of about 222,000 shares.

The deal priced on Thursday.

Meanwhile, U.S. Bancorp’s series B non-cumulative perpetual preferreds were on the positive side.

The preferreds (NYSE: USBPrH) were up 5 cents to $19.18 with about 86,000 shares trading.

Elsewhere, Morgan Stanley’s series A floating-rate non-cumulative preferred stock and its 5.85% series K fixed-to-floating rate non-cumulative preferred stock were mixed early in the session.

The series A preferreds (NYSE: MSPrA) gained 7 cents to $19.92 on volume of about 54,000 shares.

The series K preferreds (NYSE: MSPrK) were level at $26.06 on volume of about 40,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were pushed lower early on.

The preferreds (NYSE: ALLYPrA) dipped 3 cents to $26.61 with about 32,000 shares trading.

Elsewhere, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 started the day improving.

The notes (NYSE: TBB) increased 4 cents to $25.32 on volume of about 32,000 notes.

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