Priority Income sells $25-par preferreds; Gladstone on tap; Wells Fargo gain

By James McCandless

San Antonio, Feb. 20 – In the back half of the week, the preferred space saw a reversal of Wednesday’s negative movement.

Thursday’s primary market saw Priority Income Fund, Inc. price a $30 million offering of series F term preferred stock due 2027 with a dividend of 6.625% at par.

Also, Gladstone Commercial Corp. started a $636.5 million best-efforts offering of its $25-par series F cumulative redeemable preferred stock with a dividend of 6% while Gladstone Land Corp. started a similar deal.

In first position in the secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were up 15 cents to close at $25.50 on volume of about 2 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred shares rose 7 cents to close at $25.01 with about 1 million shares trading.

Telecom name AT&T, Inc.’s recent 4.75% series C perpetual preferred stock was in a more positive position by day’s end.

Diversified utility Brookfield Renewable Partners LP’s new $200 million 5.25% series 17 class A preferred limited partnership units finished well above par.

Meanwhile, REIT New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock improved.

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