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Morning Commentary: Duke Energy preferreds dip; Energy Transfer lower; JPMorgan gains
By James McCandless
San Antonio, April 29 – The preferred space began the week on an overall upward trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.12%, though some top traders were lagging.
Leading early activity, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were slightly negative to start the session.
The preferreds (NYSE: DUKPrA) were down 1 cent to $25.92 on volume of about 264,000 shares.
Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also trending lower.
The preferreds (NYSE: ETPPrE) started down by 2 cents to $24.93 with about 51,000 shares trading.
Elsewhere, in the banking and finance space, JPMorgan Chase & Co.’s 6.125% series Y and 6.1% series AA non-cumulative preferred stock were both gaining as the day kicked off.
The series Y preferreds (NYSE: JPMPrF) started up by 4 cents to $25.93 on volume of about 42,000 shares.
The series AA preferreds (NYSE: JPMPrG) rose 7 cents to $26.15 on volume of about 39,000 shares.
Sector peer Regions Financial Corp.’s recent 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were on the negative side.
The preferreds, trading under the temporary symbol “RXFCL,” were down 1 cent to $25.43 with about 24,000 shares trading.
Real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock was pushing upward.
The preferreds (NYSE: UMHPrC) were up 6 cents to $24.92 on volume of about 34,000 shares.
Last Thursday, the company priced $90 million more of the series C preferreds at par.
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