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JPMorgan preferreds flat again; Bank of America moves lower; U.S. Bancorp declines
By James McCandless
San Antonio, Sept. 25 – The preferred market continued to focus trading on financial names.
JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock ended level again.
Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock traded lower.
U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock declined.
JPMorgan flat again
JPMorgan’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock was flat again, leading secondary activity.
The preferreds, trading under the temporary symbol “JPMLL,” were level at $25.08 on volume of about 1.2 million shares.
The preferreds were also level on Monday.
On Monday, the issue’s $221.25 million over-allotment option was fully exercised by the underwriters. The deal originally priced on Sept. 19 at $1,475,000,000.
Bank of America off
Meanwhile, Bank of America’s 5.875% series HH non-cumulative preferred stock moved lower in Tuesday trading.
The preferreds (NYSE: BACPrK) were down 5 cents to $25.42 with about 361,000 shares trading.
U.S. Bancorp falls
Elsewhere, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock also trended negative.
The preferreds (NYSE: USBPrP) were down 6 cents to close at $25.06 on volume of about 307,000 shares.
On Monday, the preferreds rose 3 cents.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.24% at market close, extending a 0.08% decline in early trading Tuesday.
The iShares US Preferred Stock ETF was down 6 cents to $37.05.
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