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Cherry Hill Mortgage prices preferreds; JPMorgan rises; AmTrust preferreds improve
By James McCandless
San Antonio, Feb. 4 – The preferred space ended Monday slightly positive as the primary space saw a new deal.
Cherry Hill Mortgage Investment Corp. priced $45 million of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock at par with an initial dividend of 8.25%. There is a $6.75 million greenshoe.
The dividend is fixed until April 15, 2024, then converts to a floating rate of Libor plus a 563.1 basis points.
In the secondary, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock rose.
The preferreds (NYSE: JPMPrC) were up 6 cents to close at $25.67 on volume of about 681,000 shares.
In insurance, AmTrust Financial Services, Inc.’s 7.75% series E and 7.5% series D non-cumulative preferred shares were better.
The 7.75% preferreds (NYSE: AFSIPrE) picked up 5 cents to close at $9.20 on volume of about 620,000 shares.
The 7.5% preferreds (NYSE: AFSIPrD) jumped up 50 cents to close at $9.30 on volume of about 511,000 shares.
Real estate investment trust American Homes 4 Rent’s 6.5% series D cumulative redeemable perpetual preferred shares (NYSE: AMHPrD) were down 22 cents to close at $23.98.
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