JPMorgan preferreds end week gaining; Duke Energy moves higher; NiSource better

By James McCandless

San Antonio, April 5 – The preferred market capped off a positive week with more overall improvement on Friday.

At the top of trading, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds were gaining.

Elsewhere in finance, Morgan Stanley’s series A floating rate non-cumulative preferreds followed the positive push.

Capital One Financial Corp.’s 6.7% series D fixed rate non-cumulative perpetual preferred stock improved.

Meanwhile, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock moved higher.

Sector peer NiSource Inc.’s 6.5% series B fixed rate reset cumulative redeemable perpetual preferreds ended better.

JPMorgan gains

At the top of trading on Friday, JPMorgan’s 5.75% series DD and 6% series EE non-cumulative preferreds led a broad gain.

The series DD preferreds (NYSE: JPMPrD) were up 3 cents to close at $26.11 on volume of about 2.1 million shares.

The series EE preferreds (NYSE: JPMPrC) were up 4 cents to close at $26.60 on volume of about 276,000 shares.

Elsewhere in the finance space, Morgan Stanley’s series A floating rate non-cumulative preferreds also followed the day’s positive trend.

The preferreds (NYSE: MSPrA) rose 4 cents to close at $19.66 with about 910,000 shares trading.

On Thursday, the preferreds picked up 3 cents.

Capital One’s 6.7% series D fixed rate non-cumulative perpetual preferred stock slightly improved.

The preferreds (NYSE: COFPrD) gained 3 cents to close at $26.06 on volume of about 240,000 shares.

Duke Energy higher

Meanwhile, utilities name Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock moved higher.

The preferreds (NYSE: DUKPrA) traded up 10 cents to close at $25.65 with about 565,000 shares trading.

On Thursday, the preferreds rose 3 cents.

Sector peer NiSource’s 6.5% series B fixed rate reset cumulative redeemable perpetual preferreds ended better.

The preferreds (NYSE: NIPrB) were up 6 cents to close at $26.62 on volume of about 246,000 shares.

Indexes up

Capping off the week, the Wells Fargo Hybrid & Preferred Securities Financial index closed up 0.14%, more than doubling the 0.05% gain from early trading.

The iShares US Preferred Stock ETF was up 6 cents to $36.81.

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