Morning Commentary: Duke Energy rises; KKR preferreds decline; JPMorgan mixed

By James McCandless

San Antonio, April 11 – The preferred space started Thursday mixed with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.02%.

Continuing to lead the market, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was on the rise.

The preferreds (NYSE: DUKPrA) were up 3 cents to $25.74 on volume of about 81,000 shares.

Elsewhere, in the banking and finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds were mixed at the open.

The series DD preferreds (NYSE: JPMPrD) gained 3 cents to $26.00 with about 27,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) dipped 2 cents to $26.52 with about 24,000 shares trading.

Sector peer KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock was slightly negative in early trading.

The preferreds (NYSE: KEYPrJ) were down 1 cent to $25.17 on volume of about 22,000 shares.

Meanwhile, asset manager KKR & Co.’s 6.75% series A non-cumulative preferred units were seen declining.

The preferreds (NYSE: KKRPrA) fell 9 cents to $27.05 with about 26,000 shares trading.

Insurance provider AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred stock was relatively active but flat.

The preferreds (NYSE: AXSPrE) were level at $24.52 on volume of about 21,000 shares.

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