Allstate preferreds weaker; Monmouth sees boost; Morgan Stanley negative

By James McCandless

San Antonio, Aug. 26 – As the Monday preferred session came to a close, top traders saw a divergence to start the week.

Leading activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock finished weaker.

Meanwhile, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds saw a boost.

Sector peer New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds saw a slight gain.

In finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock finished negative.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units improved.

Allstate weaker

Leading secondary activity, Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock finished the day weaker.

The preferreds (NYSE: ALLPrH) were down 7 cents to close at $25.82 on volume of about 277,000 shares.

On Friday, the preferreds lost 6 cents.

Monmouth up

Meanwhile, real estate investment trust Monmouth’s 6.125% series C cumulative redeemable preferreds saw a boost late in the day.

The preferreds (NYSE: MNRPrC) added 19 cents to close at $24.84 with about 253,000 shares trading.

Sector peer New Residential’s 6.125% series C cumulative redeemable preferreds ended with a slight gain.

The preferreds (NYSE: NRZPrB) tacked on 1 cent to close at $24.95 on volume of about 208,000 shares.

On Friday, the preferreds lost 6 cents.

Morgan Stanley negative

In the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock finished the session negative.

The preferreds (NYSE: MSPrK) declined by 1 cent to close at $27.18 with about 195,000 shares trading.

Brookfield better

Real estate developer Brookfield Property’s 6.375% series 2 cumulative redeemable perpetual preferred units improved.

The preferreds (Nasdaq: BPYPO) garnered 10 cents to close at $25.33 on volume of about 131,000 shares.

Indexes diverge

The Wells Fargo Hybrid & Preferred Securities Financial index closed the day down 0.07%, reversing a 0.10% gain in early Monday trading.

The iShares US Preferred Stock ETF was up 2 cents to $37.34.

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