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JPMorgan preferreds mixed; AmTrust heads higher; Southern California Edison jumps
By James McCandless
San Antonio, Jan. 30 – The preferred space, already on a positive trend Wednesday, received a boost after the Federal Reserve signaled that interest rates would not rise in the near term.
Leading secondary trading volume, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock saw a mixed session.
Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds gained.
Insurer AmTrust Financial Services, Inc.’s 6.95% series F non-cumulative preferreds were also positive.
Meanwhile, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.35% cumulative fixed-to-floating rate trust preference securities close upward.
Qwest Corp.’s 6.125% notes due 2053 followed the broader market higher.
JPMorgan mixed
In a second day at the top of the secondary, JPMorgan’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock ended in opposite directions in Wednesday’s session.
The 6% preferreds, trading under the temporary symbol “JPEEL,” were up 14 cents to close at $25.59 on volume of about 1 million shares.
On Tuesday, the preferreds gained 10 cents.
The 5.75% preferreds (NYSE: JPMPrD) edged down 1 cent to close at $25.02 on volume of about 550,000 shares.
Elsewhere in the finance space, Goldman Sachs’ series D floating-rate non-cumulative preferreds rose.
The preferreds (NYSE: GSPrD) picked up 6 cents to close at $19.11 with about 459,000 shares trading.
AmTrust better
Meanwhile, insurer AmTrust’s 6.95% series F non-cumulative preferreds were positive by the close.
The preferreds (NYSE: AFSIPrF) jumped 83 cents to close at $8.35 on volume of about 417,000 shares.
The company’s preferred structure is scheduled to be delisted and deregistered by Feb. 7.
SoCal Edison gains
In the utilities space, Southern California Edison’s 5.35% cumulative fixed-to-floating rate trust preference securities moved upward.
The preferreds (NYSE: SCEPrJ) rose 35 cents to close at $20.48 with about 413,000 shares trading.
Qwest jumps
Qwest’s 6.125% notes due 2053 also jumped higher.
The notes (NYSE: CTY) added 30 cents to close at $20.05 on volume of about 406,000 notes.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.46% by the Wednesday close, moving higher after a 0.13% rise in early trading.
The iShares US Preferred Stock ETF was up 27 cents to $36.10.
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