JPMorgan preferreds rise; SoCal Edison fixed-to-floaters improve; AmTrust trades mixed

By James McCandless

San Antonio, Jan. 24 – The preferred space strengthened on Thursday, in part due to a positive swing in the secondary market late in the session.

Leading trading volume, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were both higher for another day.

The series EE preferreds, trading under the temporary symbol “JPEEL,” were up 13 cents to close at $25.33 on volume of about 3.3 million shares.

The series DD preferreds (NYSE: JPMPrD) were up 18 cents to close at $25.23 on volume of about 338,000 shares.

In utilities, Southern California Edison saw its 5.75% cumulative fixed-to-floating rate trust preferred securities and its 5% cumulative trust preferred securities improve.

The 5.75% preferreds (NYSE: SCEPrH) rose 43 cents to close at $21.58 with about 386,000 shares trading.

The 5% preferreds (NYSE: SCEPrL) picked up 46 cents to close at $18.26 with about 355,000 shares trading.

Insurer AmTrust Financial Services, Inc.’s 6.95% series F non-cumulative preferred stock and its 7.5% subordinated notes due 2055 were mixed.

The 6.95% preferreds (NYSE: AFSIPrF) were up 20 cents to close at $8.21 on volume of about 375,000 shares.

The 7.5% notes (NYSE: AFST) were down 5 cents to close at $15.75 on volume of about 289,000 notes.

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