Morning Commentary: Southern Co. lower; Ally Financial trails; Public Storage declines

By James McCandless

San Antonio, Sept. 21 – The new week in the preferred market began with a decline as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.46%.

At the top of early Monday trading, utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were under pressure.

The preferreds (NYSE: SOJA) were off 1 cent to $25.36 on volume of about 108,000 notes.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also trailing.

The preferreds (NYSE: ALLYPrA) were dipping 4 cents to $24.88 with about 78,000 shares trading.

Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock was seeing a drop.

The preferreds (NYSE: USBPrH) were declining by 35 cents to $22.53 on volume of about 48,000 shares.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were also following the negative trend.

The preferreds (NYSE: WFCPrZ) were shedding 17 cents to $24.74 with about 37,000 shares trading.

Elsewhere, real estate investment trust Public Storage’s 5.2% series X and 5.2% series W cumulative preferred shares were skewing downward.

The series X preferreds (NYSE: PSAPrX) were holding level at $24.99 on volume of about 48,000 shares.

The series W preferreds (NYSE: PSAPrW) were losing 1 cent to $24.99 on volume of about 45,000 shares.

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