Morning Commentary: MetLife’s new preferreds rise; AT&T higher; JPMorgan edges lower

By James McCandless

San Antonio, Jan. 10 – The preferred market started the last day of the week with mixed movements as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.04%.

Outpacing other top traders again, insurance company MetLife, Inc.’s new 4.75% series F non-cumulative preferred stock was rising early.

The preferreds, trading under the temporary symbol “METFL,” were up 9 cents to $25.33 on volume of about 375,000 shares.

In telecom, AT&T Inc.’s 5% series A perpetual preferred stock was moving higher as the morning started.

The preferreds (NYSE: TPrA) were gaining 3 cents to $26.06 with about 44,000 shares trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was under slight pressure.

The preferreds (NYSE: JPMPrJ) were off by 1 cent to $25.82 on volume of about 42,000 shares.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were slightly weaker.

The preferreds (NYSE: COFPrI) were declining by 2 cents to $25.22 with about 37,000 shares trading.

First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock began on the positive side.

The preferreds (NYSE: FRCPrJ) were tacking on 2 cents to $25.33 on volume of about 34,000 shares.

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