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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.
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.
Elsewhere, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was active but flat.
The preferreds (NYSE: DUKPrA) were level to close at $25.73 with about 282,000 shares trading.
In the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds ended slightly negative.
The preferreds (NYSE: JPMPrC) 1 cent lower to close at $26.49 on volume of about 215,000 shares.
Sector peer U.S. Bancorp’s series B non-cumulative perpetual preferreds also saw a small gain.
The preferreds (NYSE: USBPrH) picked up 2 cents to close at $19.15 with about 190,000 shares trading.
Meanwhile, in oil and gas, Energy Transfer LP’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.
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