Sotherly Hotels preferreds above par; Duke Energy active, flat; JPMorgan edges lower

By James McCandless

San Antonio, April 12 – Preferreds were largely mixed in the secondary market in thin trading on Friday.

Leading trading volume, Sotherly Hotels Inc.’s new 8.25% series D cumulative redeemable perpetual preferred stock closed its first day above par.

Elsewhere, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was active but flat.

In the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds ended slightly negative.

Sector peer U.S. Bancorp’s series B non-cumulative perpetual preferreds also saw a small gain.

Meanwhile, in oil and gas, Energy Transfer LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

Sotherly above par

On its first day in trading, Sotherly Hotels’ new 8.25% series D cumulative redeemable perpetual preferred stock was seen above par at the close.

The preferreds, trading under the temporary symbol “SOHEP,” were spotted closing at $25.10 on volume of about 308,000 shares.

The deal priced on Thursday.

Duke Energy level

Elsewhere, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was one of the more active traders but ended flat.

The preferreds (NYSE: DUKPrA) were level to close at $25.73 with about 282,000 shares trading.

On Thursday, the preferreds picked up 2 cents.

JPMorgan dips

In the finance space, JPMorgan’s 6% series EE non-cumulative preferreds ended the session slightly negative.

The preferreds (NYSE: JPMPrC) 1 cent lower to close at $26.49 on volume of about 215,000 shares.

On Thursday, the preferreds dipped 4 cents.

Sector peer U.S. Bancorp’s series B non-cumulative perpetual preferreds ended on the positive side.

The preferreds (NYSE: USBPrH) picked up 2 cents to close at $19.15 with about 190,000 shares trading.

On Thursday, the preferreds lost 2 cents.

Energy Transfer up

Meanwhile, Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

The preferreds (NYSE: ETPPrC) added 5 cents to close at $25.10 on volume of about 150,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% by the end of the session, leveling off from a 0.10% rise at the open.

The iShares US Preferred Stock ETF was flat at $36.68.

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