Morning Commentary: Goldman Sachs gains; Legg Mason shifts lower; National General rises

By James McCandless

San Antonio, Feb. 12 – The preferred market struck a positive tone on Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.14%.

Leading early trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was improving early in the session.

The preferreds (NYSE: GSPrD) were up 26 cents to $18.72 on volume of about 218,000 shares.

Elsewhere in finance, BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock followed the market upward.

The preferreds (NYSE: BBTPrD) started better by 3 cents to $24.93 with about 52,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also positive.

The preferreds (NYSE: JPCPrD) were up 5 cents to $25.23 on volume of about 35,000 shares.

Meanwhile, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were headed lower at the open.

On Tuesday morning, the company reported preliminary assets under management of $746.7 billion as of Jan. 31.

The notes (NYSE: LMHB) were down by 6 cents to $24.00 with about 26,000 notes trading.

Insurance name National General Holdings Corp.’s 7.5% series C non-cumulative preferred stock rose at the start of Tuesday’s activity.

The preferreds (Nasdaq: NGHCN) picked up 20 cents to $19.00 on volume of about 20,000 shares.

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