JPMorgan better; New Residential preferreds jump; AT&T improves

By James McCandless

San Antonio, March 31 – Tuesday’s preferred session yielded mostly positive outcomes despite the drop in the common market.

Leading secondary trading, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock ended in a better position. The preferreds were up 25 cents to close at $25.35 on volume of about 744,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds tacked on 4 cents to close at $20.05 with about 562,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved by 10 cents to close at $20.51 on volume of about 483,000 shares.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds picked up $1.51 to close at $13.65 with about 425,000 shares trading.

Meanwhile, telecom name AT&T, Inc.’s 4.75% series C perpetual preferreds gained 3 cents to close at $21.20 on volume of about 376,000 shares.

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