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JPMorgan’s preferreds lead market higher; Digital Realty Trust up; Hartford improves
By James McCandless
San Antonio, Nov. 21 – The preferred space saw a recovery from the previous two days in the pre-Thanksgiving session.
Volume leader JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock improved in secondary trading.
Elsewhere in finance, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds traded up.
Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds gained.
Meanwhile, real estate investment trust Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferred stock followed the positive trend.
And insurance provider Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds rose.
Financials better
Trading at the top of the secondary again, JPMorgan’s 5.75% series DD non-cumulative preferred stock led a recovery Wednesday.
The preferreds (NYSE: JPMPrD) were up 25 cents to close at $24.69 on volume of about 284,000 shares.
On Tuesday, the preferreds lost 1 cent.
Bank of America’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds traded upward.
The series HH preferreds (NYSE: BACPrK) were better by 20 cents to close at $24.49 with about 276,000 shares trading.
On Tuesday, the series HH preferreds lost 17 cents.
The series GG preferreds (NYSE: BACPrB) were also up 20 cents to close at $25.20 with about 189,000 shares trading.
Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferreds were up.
The preferreds (NYSE: ALLYPrA) gained 9 cents to close at $25.72 on volume of about 211,000 shares.
Digital Realty improves
Meanwhile, real estate investment trust Digital Realty’s 7.375% series H cumulative redeemable preferred stock followed the market’s positive swing.
The preferreds (NYSE: DLRPrH) traded 7 cents higher to close at $25.50 with about 233,000 shares trading.
Hartford higher
Insurance provider Hartford’s 6% series G non-cumulative preferreds rose in Wednesday’s session.
The preferreds (NYSE: HIGPrG) jumped up 30 cents to close at $25.17 on volume of about 131,000 shares.
On Tuesday, the preferreds lost 5 cents.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.43% at the end of Wednesday trading, expanding from a 0.25% gain seen early in the day.
The iShares US Preferred Stock ETF was up 19 cents to $35.46.
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