Morning Commentary: National Retail preferreds higher; U.S. Bancorp better; JPMorgan up

By James McCandless

San Antonio, June 14 – Top-volume traders in the preferred space were mostly higher Friday morning as the Wells Fargo Hybrid & Preferred Securities Financial index began the day down by 0.06%.

Leading early volume, real estate investment trust National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferred stock was pushing higher.

The preferreds (NYSE: NNNPrF) were up 11 cents to $25.11 on volume of about 135,000 shares.

Sector peer Ashford Hospitality Trust, Inc.’s 8.45% series D cumulative preferred stock was sinking.

The preferreds (NYSE: AHTPrD) were lower by 28 cents to $25.45 with about 22,000 shares trading.

On Thursday, the company issued quarterly dividends to five series of preferred tranches, including the series D preferreds.

Meanwhile, in the finance space, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock was moving upward.

The preferreds (NYSE: USBPrH) added 7 cents to $19.85 on volume of about 35,000 shares.

JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds were on the upward side on Friday morning.

The preferreds (NYSE: JPMPrF) were up 1 cent to $25.70 with about 31,000 shares trading.

Ally Financial Inc., another finance name, saw its 8.125% series 2 fixed-to-floating rate trust preferred securities decline.

The preferreds (NYSE: ALLYPrA) were off 3 cents to $26.17 on volume of about 30,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.