JPMorgan declines; DiamondRock preferreds gain; AT&T lifted

By James McCandless

San Antonio, Aug. 25 – As the preferred market closed on Tuesday, the day’s most active traders were seen varying in direction.

On top of the secondary space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock declined.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were seen trailing.

REIT DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferred stock gained ground.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock closed the session with a lift.

JPMorgan down

On top of the secondary space, JPMorgan’s 4.75% series GG non-cumulative preferred stock declined at the end of the day.

The preferreds (NYSE: JPMPrJ) were down 15 cents to close at $26.68 on volume of about 361,000 shares.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but ultimately unchanged.

The preferreds (NYSE: WFCPrZ) closed level at $25.18 with about 346,000 shares trading.

On Monday, the preferreds added 19 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were seen trailing as the afternoon concluded.

The preferreds (NYSE: ALLYPrA) shaved off 6 cents to close at $24.75 on volume of about 343,000 shares.

DiamondBack gains

Real estate investment trust DiamondRock’s 8.25% series A cumulative redeemable preferred stock gained ground.

The preferreds, trading under the temporary symbol “DRHPP,” carried higher 8 cents to close at $24.75 with about 319,000 shares trading.

AT&T lifted

Meanwhile, telecom giant AT&T’s 4.75% series C perpetual preferred stock closed the session with a lift.

The preferreds (NYSE: TPrC) garnered 10 cents to close at $25.50 on volume of about 235,000 shares.

On Monday, the preferreds racked up 3 cents.

Index up, ETF level

The Wells Fargo Hybrid & Preferred Securities Financial index improved by 0.05%, reversing a 0.02% loss from early Tuesday trading.

The iShares US Preferred Stock ETF was level at $36.69.

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