Public Storage, Southern California Edison preferreds active; Colony NorthStar rebounds

By Abigail W. Adams

Portland, Me., March 2 – After starting the week with gains, the preferreds market closed Friday with losses with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF down.

The Wells Fargo Hybrid & Preferred Securities Financial index closed Friday down 0.03%. The U.S. iShares Preferred Stock ETF was down 0.29% early Friday but regained some footing and closed the day down 0.13%.

While the broader market was down, Public Storage’s depositary shares representing 5.15% series F cumulative preferred shares were up in high-volume trading.

The depositary shares traded closed the day at $24.19, an increase of 21 cents, or 0.87%.

Southern California Edison Co.’s Trust V 5.45% fixed-to-floating rate trust preference securities also saw high-volume trading on Friday although they closed the day with little movement in trading price.

The 5.45% preference securities traded in a range of $25.47 to $25.66 before closing Friday at $25.60, an increase of 1 cent, or 0.04%.

Colony NorthStar Inc.’s preferreds showed signs of a rebound on Friday with most seeing gains after taking a nosedive on Thursday.

The preferreds have been active since the Los Angeles-based diversified equity REIT released fourth-quarter and year-end results and announced it was slashing its dividend by more than 50% on Thursday.

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