Energy Transfer perpetual preferreds decline; Bank of America better; Spire heads lower

By James McCandless

San Antonio, May 29 – Although the broad preferred market trended upward Wednesday after an early stumble, the most-active issues yielded mixed results.

Leading the market, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

Elsewhere, in finance, Bank of America Corp.’s 6% series GG non-cumulative preferred stock ended the day on better footing.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was also on the rise.

Meanwhile, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds closed negative.

Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock saw a weaker day.

Energy Transfer down

Leading trading volume in the preferred market, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were in decline.

The preferreds (NYSE: ETPPrE) were down 10 cents to close at $24.66 on volume of about 683,000 shares.

On Tuesday, the preferreds gained 1 cent.

Bank of America better

Elsewhere, in the finance space, Bank of America’s 6% series GG non-cumulative preferred stock ended Wednesday on better footing.

The preferreds (NYSE: BACPrB) picked up 2 cents to close at $26.41 with about 475,000 shares trading.

Sector peer JPMorgan’s 6% series EE non-cumulative preferred stock was also on a sustained rise.

The preferreds (NYSE: JPMPrC) rose 15 cents to close at $26.70 on volume of about 220,000 shares.

Spire off

Meanwhile, in the utilities space, Spire’s 5.9% series A cumulative redeemable perpetual preferreds closed the day negative.

The preferreds (NYSE: SRPrA) shaved off 3 cents to close at $25.93 with about 456,000 shares trading.

Another utility, Duke Energy, saw its 5.75% series A cumulative redeemable perpetual preferred stock finish weaker.

The preferreds (NYSE: DUKPrA) dropped 8 cents to close at $26.38 on volume of about 325,000 shares.

Indexes improve

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.15% by the close, improving on the 0.01% gain in early Wednesday trading.

The iShares US Preferred Stock ETF was up 3 cents to $36.60.

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