Iberiabank new preferreds push higher; Duke Energy moves lower; Energy Transfer gains

By James McCandless

San Antonio, April 1 – A new week in the preferred space finished Monday on a positive note.

Iberiabank Corp.’s new 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock gained.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds ended mixed.

U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock saw a boost.

In utilities, Duke Energy Corp.’s recent 5.75% series A cumulative redeemable perpetual preferred stock closed slightly negative.

Oil and gas name Energy Transfer LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units followed the positive trend.

Iberiabank gains

Leading trading in the Monday session, Iberiabank’s new 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock gained.

The preferreds, trading under the temporary symbol “IBBRL,” were up 14 cents to close at $25.23 on volume of about 490,000 shares.

On its first day of trading Friday, the preferreds closed at $25.09.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD and 6% series EE non-cumulative preferreds closed the session mixed.

The series DD preferreds (NYSE: JPMPrD) added 13 cents to close at $25.86 with about 303,000 shares trading.

On Friday, the preferreds dropped 51 cents.

The series EE preferreds (NYSE: JPMPrC) were active but finished level at $26.47 with about 210,000 shares trading.

U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock saw a boost.

The preferreds (NYSE: USBPrH) shot up 37 cents to close at $19.17 on volume of about 237,000 shares.

Duke Energy down

Elsewhere, in the utilities sector, Duke Energy’s recent 5.75% series A cumulative redeemable perpetual preferred stock went slightly negative.

The preferreds, trading under the temporary symbol “DUEKL,” lost 1 cent to close at $25.46 with about 404,000 shares trading.

On Friday, the preferreds added 5 cents.

Energy Transfer rises

Meanwhile, oil and gas name Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units followed the broader market’s positive trend.

The preferreds (NYSE: ETPPrC) rose 21 cents to close at $24.83 on volume of about 262,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index shot up 0.75% by the Monday close, pushing up from the 0.38% gain in early trading.

The iShares US Preferred Stock ETF was up 22 cents to $36.59.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.