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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.
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