Vornado preferreds above par; Southern California Edison lower; Wells Fargo slips

By James McCandless

San Antonio, Nov. 20 – Finishing off the week, the preferred space saw general weakness all the way to the close.

At the top of the Friday secondary, REIT Vornado Realty Trust’s new $300 million 5.25% series N cumulative redeemable preferred shares landed above par.

Sector peer National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferred stock drifted downward.

Meanwhile, utilities provider Southern California Edison Co.’s 5% cumulative trust preferred securities finished lower.

In the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds slipped.

Also, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock followed the session’s negative trend.

Vornado tops par

At the top of the Friday secondary activity, real estate investment trust Vornado’s new $300 million 5.25% series N cumulative redeemable preferred shares landed above par.

The preferreds, trading under the temporary symbol “VORTP,” were seen closing at $25.10 on volume of about 3.4 million shares.

The deal priced on Thursday.

Sector peer National Retail’s 5.2% series F cumulative redeemable preferred stock drifted downward.

The preferreds (NYSE: NNNPrF) dropped 10 cents to close at $25.99 with about 248,000 shares trading.

SoCal Edison lower

Meanwhile, utilities provider Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities finish lower.

The preferreds (NYSE: SCEPrL) shaved off 10 cents to close at $23.42 on volume of about 341,000 shares.

Wells Fargo slips

In the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds slipped to a worse position.

The preferreds (NYSE: WFCPrZ) lost 4 cents to close at $25.75 with about 267,000 shares trading.

Also, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock followed the session’s negative trend.

The preferreds (NYSE: USBPrQ) declined by 12 cents to close at $24.56 on volume of about 219,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.04%.

The index finished Thursday up by 0.18%, closed down by 0.27% on Wednesday and capped Tuesday down by 0.17%.

Collectively, the index rose 0.95% for the week.

The iShares US Preferred Stock ETF was down 4 cents to $37.56.

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