SoCal Edison preferreds positive; Citizens Financial lower; Northern Trust dives

By James McCandless

San Antonio, Oct. 29 – The preferred market extended the overall decline that started the week into Tuesday.

However, the day’s volume leader, Southern California Edison, a subsidiary of Edison International, saw positivity in its 5% cumulative trust preference securities.

Meanwhile, in finance, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock moved lower.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also under water.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock took a dive.

Elsewhere, REIT PS Business Parks, Inc.’s new 4.875% series Z cumulative preferreds followed the negative trend.

SoCal Edison up

Leading the secondary for the day, Southern California Edison’s 5% cumulative trust preference securities saw positive movement.

The preferreds (NYSE: SCEPrL) were up 26 cents to close at $22.70 on volume of about 1 million shares.

The company warned on Tuesday that by Wednesday, more than 200,000 customers could be without power as wildfires spread.

Citizens lower

Meanwhile, in the finance space, Citizens Financial’s 5% series E fixed-rate non-cumulative perpetual preferred stock moved lower by the close.

The preferreds (NYSE: CFGPrE) fell 10 cents to close at $24.99 with about 641,000 shares trading.

On Monday, the preferreds dropped 6 cents.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds were also under water throughout the session.

The preferreds (NYSE: COFPrI) shaved off 18 cents to close at $25.05 on volume of about 410,000 shares.

On Monday, the preferreds shaved off 12 cents.

Northern Trust dives

Asset manager Northern Trust’s 5.85% series C non-cumulative perpetual preferred stock took a dive.

The preferreds (Nasdaq: NTRSP) dove 26 cents to close at $25.30 with about 608,000 shares trading.

Early Tuesday, the company announced a $250 million offering of $25-par series E non-cumulative perpetual preferred stock, with proceeds going toward the redemption of the series C preferreds.

PS Business off

Elsewhere, real estate investment trust PS Business Parks’ new 4.875% series Z cumulative preferreds followed the negative trend.

The preferreds, trading under the temporary symbol “PSPBZ,” declined by 11 cents to close at $24.96 on volume of about 490,000 shares.

On Monday, the preferreds fell 11 cents

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed down by 0.17%, increasing a 0.06% loss from early Tuesday trading.

The iShares US Preferred Stock ETF was down 4 cents to $37.50.

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