JPMorgan positive; Compass preferreds improve; PS Business better

By James McCandless

San Antonio, Nov. 27 – The preferred space ended Wednesday with a broad decline, though top traders saw gains.

Leading secondary activity, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds stock finished positive.

Elsewhere in finance, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds saw a boost.

Sector peer Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock moved into a higher position.

Middle market name Compass Diversified Holdings LLC’s 7.875% series C cumulative preferred shares improved.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock closed better.

JPMorgan up

Leading Wednesday’s secondary activity, JPMorgan’s 4.75% series GG non-cumulative preferreds stock finished the session positive.

The preferreds (NYSE: JPMPrJ) were up 6 cents to close at $25.24 on volume of about 1.1 million shares.

Elsewhere in the finance space, Synchrony’s 5.625% series A non-cumulative perpetual preferreds also saw a boost.

The preferreds (NYSE: SYFPrA) jumped up 22 cents to close at $25.71 with about 1.1 million shares trading.

On Tuesday, the preferreds gained 5 cents.

Sector peer Goldman Sachs series D floating rate non-cumulative preferred stock moved into a higher position by the close.

The preferreds (NYSE: GSPrD) added 14 cents to close at $23.13 on volume of about 734,000 shares.

Compass improves

Middle market investor Compass’ 7.875% series C cumulative preferred shares improved throughout Wednesday trading.

The preferreds (NYSE: CODIPrC) rose 20 cents to close at $25.15 with about 661,000 shares trading.

PS Business better

In other movement, real estate investment trust PS Business Parks’ 4.875% series Z cumulative preferred stock closed better.

The preferreds (NYSE: PSBPrZ) picked up 3 cents to close at $25.08 on volume of about 632,000 shares.

On Tuesday, the preferreds gained 10 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed down by 0.13%, giving back a 0.04% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was down 2 cents to $37.31.

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