Public Storage preferreds vary; Ally Financial better; Southern Co. $25-par notes rise

By James McCandless

San Antonio, Sept. 21 – While the common market started the week with a slide, the preferred space ended on mixed footing.

At the top of the secondary, REIT Public Storage’s 5.2% series W and 5.2% series X cumulative preferred shares varied, trending downward.

Elsewhere, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a better position.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds finished the afternoon with a loss.

Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was seen trailing.

Meanwhile, utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes made a modest rise.

Public Storage varies

At the top of the Monday secondary market, real estate investment trust Public Storage’s 5.2% series W and 5.2% series X cumulative preferred shares varied, trending downward.

The series W preferreds (NYSE: PSAPrW) were down 1 cent to close at $24.99 on volume of about 953,000 shares.

On Friday, the preferreds garnered 2 cents.

The series X preferreds (NYSE: PSAPrX) held level to close at $24.99 on volume of about 465,000 shares.

Ally better

Elsewhere, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the session in a better position.

The preferreds (NYSE: ALLYPrA) jumped up 20 cents to close at $25.12 with about 400,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds finished the afternoon with a loss.

The preferreds (NYSE: SYFPrA) were docked 7 cents to close at $24.28 on volume of about 354,000 shares.

Truist’s 4.75% series R non-cumulative perpetual preferred stock was seen trailing throughout the day’s activity.

The preferreds (NYSE: TFCPrR) gave up 5 cents to close at $26.14 with about 310,000 shares trading.

Southern Co. rises

Meanwhile, utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes made a modest rise.

The notes (NYSE: SOJA) dropped 1 cent to close at $25.38 on volume of about 291,000 notes.

On Friday, the preferreds shed 4 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down by 0.45%, hovering around the 0.46% dip from early Monday trading.

The iShares US Preferred Stock ETF was down 26 cents to $36.18.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.