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Goldman Sachs preferred floaters edge lower; NiSource rises; DCP Midstream declines
By James McCandless
San Antonio, Dec. 19 – The preferred market saw another mixed session on Wednesday as some gains were given back after the Federal Reserve announced a hike in interest rates.
Leading trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock ended lower.
The preferreds (NYSE: GSPrD) were down 1 cent to close at $17.46 on volume of about 550,000 shares.
Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds ended flat.
The preferreds (NYSE: JPMPrD) closed at $24.50 with about 529,000 shares trading.
On Tuesday, the preferreds gained 1 cent.
U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock gained.
The preferreds (NYSE: USBPrH) traded up 20 cents to close at $18.82 on volume of about 400,000 shares.
In utilities, NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was also rising.
The preferreds, trading under the temporary symbol “NISOP,” gained 4 cents to close at $25.00 with about 259,000 shares trading.
Energy name DCP Midstream LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferreds declined.
The preferreds (NYSE: DCPPrB) were down 11 cents to close at $21.87 on volume of about 247,000 shares.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at the end of Wednesday.
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