JPMorgan’s 5.75% preferreds rise again; U.S. Bancorp, Wells Fargo decline; Enstar slips

By James McCandless

San Antonio, Oct. 15 – The partial gains made in the equity market seeped into preferred trading, with many active names moving lower.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock and Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual preferred stock saw declines.

However, JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock moved upward.

In the insurance sector, Enstar Group Ltd.’s 7% series D fixed-to-floating rate perpetual preferreds were also spotted trading down.

Shipping company Seaspan Corp.’s 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares also joined the negative trend.

JPMorgan up

Trading at the top of the secondary for the third day in a row, JPMorgan’s recent 5.75% series DD non-cumulative preferred stock improved.

The preferreds (NYSE: JPMPrD) were up 2 cents to close at $25.00 on volume of about 2.1 million shares.

On Friday, the preferreds added 9 cents.

Elsewhere, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock declined on Monday.

The preferreds (NYSE: USBPrP) were down 5 cents to close at $24.17 with about 466,000 shares trading.

Wells Fargo’s 5.85% series Q fixed-to-floating non-cumulative perpetual preferred stock was also seen falling.

The preferreds (NYSE: WFCPrQ) were down 9 cents to close at $25.21 on volume of about 263,000 shares.

Enstar lower

In the insurance space, Enstar’s 7% series D fixed-to-floating rate perpetual preferreds also trended negatively.

The preferreds (Nasdaq: ESGRP) were down 6 cents to close at $25.70 with about 186,000 shares trading.

Seaspan off

Hong Kong-based shipping name Seaspan’s 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares fell.

The preferreds (NYSE: SSWPrI) were down 9 cents to close at $25.00 on volume of about 157,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.05% at the close after moving lower by 0.15% in early trading on Monday.

The iShares US Preferred Stock ETF was up 6 cents to $35.91.

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