Morning Commentary: U.S. Bancorp improves; JPMorgan’s upsized preferred stock declines

By James McCandless

San Antonio, Sept. 24 – U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock led secondary activity to kick off a new week.

The preferreds (NYSE: USBPrP) were up 3 cents to $25.12 on volume of about 88,000 shares.

JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock was seen declining Monday morning.

On Monday, underwriters fully exercised the issue’s $221.25 million over-allotment option. The deal originally priced on Sept. 19 at $1,475,000,000.

The preferreds, trading under the temporary symbol “JPMLL,” were down 3 cents to $25.05 with about 76,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.04% in early trading, adding to the 0.09% gain on Friday.

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