Bank, financial preferreds mixed; Goldman, JPMorgan gain; preferred indexes mostly flat

By Cristal Cody

Tupelo, Miss., July 16 – Preferred stocks finished Tuesday’s session mixed as focus turned to bank and financial earnings releases.

On Tuesday, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. released their earnings reports. The earnings releases will continue on Wednesday from Bank of America Corp. and from Morgan Stanley on Thursday.

Citigroup Inc. released its second-quarter earnings report on Monday.

The Wells Fargo Hybrid and Preferred Securities index finished the day better by 0.01% after being spotted down 0.06% over the morning.

The index closed on Monday up 0.11%.

The U.S. iShares Preferred Stock ETF was down about 1 cent, or 0.03%, to close at $37.02. The ETF was up about 1 cent at the start of the session after heading out on Monday up 3 cents.

Financials trade

In trading in the bank and financial space on Tuesday, Goldman Sachs Group’s preferreds were better on the day. Goldman Sachs’ preferreds traded in the afternoon about 2 cents to 12 cents higher.

The company’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock (NYSE: GSPrJ) improved 2 cents, or 0.08%, to $26.26 by the end of the day on about 81,000 shares traded.

JPMorgan Chase’s preferred stocks also were mostly better.

The company’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) gained 2 cents, or 0.07%, to $26.92 on about 181,000 shares traded.

JPMorgan Chase’s 6% series EE non-cumulative preferred stock (NYSE: JPMPrC) also added 2 cents, or 0.07%, to $27.22 on trading volume of about 201,000 shares.

Bank of America’s preferreds were mixed going out. The company’s 5.875% series HH non-cumulative preferred stock (NYSE: BACPrK) closed down a dime, or 0.38%, at $26.33 on about 69,000 shares traded.

Wells Fargo’s preferred stocks were mixed on Tuesday.

The 6% series T non-cumulative perpetual class A preferreds gained a dime to head out 0.39% higher at $25.66. About 44,000 shares of the preferreds (NYSE: WFCPrT) were traded.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds finished flat at $26.27. About 109,000 shares of the series Q preferreds (NYSE: WFCPrQ) were traded.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities (NYSE: CPrN) were lower during the session. The preferreds closed down 12 cents, or 0.43%, to $27.97. About 151,000 shares of the preferreds were traded over the day.

Meanwhile, Morgan Stanley’s series E preferreds (NYSE: MSPrE) were up 6 cents, or 0.21%, to $28.38 on a trading volume of about 34,000 shares.

In other sector trading, U.S. Bancorp’s preferreds were mixed. The company’s 5.5% series K non-cumulative perpetual preferred stock (NYSE: USBPrP) edged up 1 cent, or 0.04%, to $26.27 on about 41,500 shares traded.

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