Morning Commentary: Brighthouse preferreds push higher; JPMorgan up; Digital Realty lags

By James McCandless

San Antonio, March 20 – Top traders in the preferred space were mixed Wednesday morning as the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.17%.

At the top of trading early Wednesday, Brighthouse Financial, Inc.’s new 6.6% series A non-cumulative preferred stock was pushing higher.

The preferreds, trading under the temporary symbol “BHFLL,” were up 6 cents to $25.12 on volume of about 147,000 shares.

Elsewhere in the insurance space, Allstate Corp.’s 5.625% series G fixed-rate non-cumulative perpetual preferreds opened lower.

The preferreds (NYSE: ALLPrG) fell 20 cents to $25.53 with about 30,000 shares trading.

In banking and finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was on a positive trend.

The preferreds (NYSE: JPMPrC) gained 5 cents to $26.44 on volume of about 65,000 shares.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities saw a slight gain at the session’s open.

The preferreds (NYSE: CPrN) started up 3 cents to $26.83 with about 59,000 shares trading.

Real estate investment trust Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferred stock was also moving lower.

The preferreds (NYSE: DLRPrK) were down 4 cents to $24.85 on volume of about 60,000 shares.

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