JPMorgan shifts upward; AT&T preferreds rise; Chimera negative

By James McCandless

San Antonio, July 2 – Closing out the holiday-shortened week, the preferred space saw sweeping improvements.

Leading the secondary market, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock shifted upward.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities joined the trend.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferreds finished the afternoon in better territory.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock rose as the session came to an end.

Meanwhile, REIT Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock saw negativity.

JPMorgan gains

Leading the Thursday secondary market, JPMorgan’s 4.75% series GG non-cumulative preferred stock shifted upward.

The preferreds (NYSE: JPMPrJ) were up 14 cents to close at $25.30 on volume of about 250,000 shares.

On Wednesday, the preferreds picked up 8 cents.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities joined the prevailing trend.

The preferreds (NYSE: ALLYPrA) tacked on 5 cents to close at $22.76 with about 163,000 shares trading.

Sector peer Bank of America’s 5% series LL non-cumulative preferreds finished the afternoon in better territory.

The preferreds (NYSE: BACPrN) improved by 10 cents to close at $25.46 on volume of about 143,000 shares.

AT&T rises

Telecom services provider AT&T’s 4.75% series C perpetual preferred stock rose as the session came to an end.

The preferreds (NYSE: TPrC) moved up 18 cents to close at $24.18 with about 156,000 shares trading.

On Wednesday, the preferreds ticked up 9 cents.

Chimera down

Meanwhile, real estate investment trust Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock saw negativity.

The preferreds (NYSE: CIMPrB) shaved off 1 cent to close at $19.75 on volume of about 119,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the truncated week up by 0.36%, modestly better than the 0.31% rise in early Thursday trading.

The iShares US Preferred Stock ETF was up 17 cents to $34.71.

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