Gabelli Equity Trust prices; AT&T preferreds rise; First Republic negative

By James McCandless

San Antonio, Dec. 10 – The preferred market saw an overall positive trend on Tuesday, though top traders varied.

The primary space saw Gabelli Equity Trust Inc. price an upsized $100 million offering of $25-par series K cumulative preferred stock at par with a dividend of 5%.

Leading in the secondary, communications giant AT&T Inc.’s new 5% series A perpetual preferred stock rose. The preferreds, trading under the temporary symbol “ATATL,” were up 14 cents to close at $25.02 on volume of about 2.1 million shares.

Elsewhere, in finance, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred shares declined by 4 cents to close at $24.82 with about 477,000 shares trading.

Sector peer Morgan Stanley’s 4.875% series L non-cumulative preferred stock was active but unmoved.

AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds ended weaker.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock also remained level.

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