Morning Commentary: Pennsylvania REIT preferreds active, flat; Bank of America better

By James McCandless

San Antonio, Sept. 20 – The preferred space began Friday stronger with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

Leading early secondary trading volume, Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares were active but unchanged.

The preferreds (NYSE: PEIPrC) were level at $18.97 on volume of about 124,000 shares.

Sector peer American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock was moving higher.

The preferreds (Nasdaq: AFINP) were picking up 8 cents to $25.67 with about 72,000 shares trading.

Meanwhile, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was also shifting upward.

The preferreds (NYSE: BACPrN) were gaining 7 cents to $25.15 on volume of about 100,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the positive trend.

The preferreds (NYSE: COFPrI) were improving 3 cents to $24.82 with about 62,000 shares trading.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were also moving upward.

The preferreds (NYSE: WFCPrQ) were better by 6 cents to $26.52 on volume of about 52,000 shares.

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