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After holding off during July to see if the Fed was going to reduce interest rates, preferred stock issuers crept back into the market with five new issues introduced throughout August.
In anticipation of a drop in rates, buyers and those seeking to reduce their risk continued to push up the prices of previously issued higher payers. As the month came to a close, the average market price for all U.S.-traded preferred stocks was $25.80, up $0.08 per share over the last month.
August’s new preferred stocks
August’s five new preferred stocks are offering an