Southern California Edison preferreds leap; JPMorgan preferreds mixed; Athene gains

By James McCandless

San Antonio, June 28 – The preferred space saw top traders move upward while the broader market ended the week mixed.

Leading secondary trading volume, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities leap.

Elsewhere in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds rode the positive trend.

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

Retirement services name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares jumped again.

Asset manager Annaly Capital Management, Inc.’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock rose.

SoCal Edison leaps

Leading trading in the secondary, Southern California Edison’s 5% cumulative trust preferred securities leaped upward.

The preferreds (NYSE: SCEPrL) were up 47 cents to close at $22.49 on volume of about 1.2 million shares.

On Thursday, the preferreds shot up 44 cents.

Elsewhere in utilities, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferreds rode the positive trend.

The preferreds (NYSE: DUKPrA) picked up 6 cents to close at $26.42 with about 513,000 shares trading.

JPMorgan mixed

Meanwhile, in the finance space, JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds were mixed during the Friday session.

The series EE preferreds (NYSE: JPMPrC) lost 6 cents to close at $27.15 on volume of about 881,000 shares.

On Thursday, the preferreds tacked on 10 cents

The series DD preferreds (NYSE: JPMPrD) added 13 cents to close at $26.92 on volume of about 709,000 shares.

On Thursday, the preferreds gained 2 cents.

Athene jumps

Retirement name Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares jumped higher again.

The preferreds (NYSE: ATHPrA) shifted up 20 cents to close at $26.40 with about 741,000 shares trading.

On Thursday, the preferreds picked up 13 cents.

Annaly Capital rises

Asset manager Annaly Capital’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was on the rise.

The preferreds, trading under the temporary symbol “ACAXP,” edged up 2 cents to close at $24.91 on volume of about 696,000 shares.

On Thursday, the preferreds added 14 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% to close out the week, losing a 0.06% gain in early Friday trading.

The iShares US Preferred Stock ETF was up 2 cents to $36.85.

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