JPMorgan declines; DiamondRock preferreds gain; AT&T lifted

By James McCandless

San Antonio, Aug. 25 – As the preferred market closed on Tuesday, the day’s most active traders were seen varying in direction.

On top of the secondary space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds were down 15 cents to close at $26.68 on volume of about 361,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged, closing at $25.18 with about 346,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities shaved off 6 cents to close at $24.75 on volume of about 343,000 shares.

REIT DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferred stock gained 8 cents to close at $24.75 with about 319,000 shares trading.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred shares gained 10 cents to close at $25.50 on volume of about 235,000 shares.

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