JPMorgan preferreds gain; MetLife better; Annaly Capital preferreds negative

By James McCandless

San Antonio, April 28 – Tuesday’s preferred stock session ended with more positivity carrying over from Monday.

Leading secondary trading, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock gained ground.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also rose.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were in a higher position by the end of the afternoon.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock saw better levels.

Meanwhile, asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was negative.

JPMorgan gains

Leading the session’s secondary trading, JPMorgan’s 6% series EE non-cumulative preferreds gained ground.

The preferreds (NYSE: JPMPrC) were up 6 cents to close at $26.96 on volume of about 541,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also rose.

The preferreds (NYSE: ALLYPrA) improved by 47 cents to close at $21.93 with about 376,000 shares trading.

On Monday, the preferreds picked up 32 cents.

Sector peer Citigroup’s 7.875% fixed-to-floating rate trust preferred securities were in a higher position by the end of the afternoon.

The preferreds (NYSE: CPrN) garnered 38 cents to close at $26.96 on volume of about 243,000 shares.

MetLife better

Insurance company MetLife’s 4.75% series F non-cumulative preferred stock saw better levels as the session closed.

The preferreds (NYSE: METPrF) moved up 8 cents to close at $24.32 with about 227,000 shares trading.

Annaly down

Meanwhile, asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was in negative territory.

The preferreds (NYSE: NLYPrF) declined by 17 cents to close at $21.00 on volume of about 222,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.20%, narrower than the 0.36% rise from early Tuesday trading.

The iShares US Preferred Stock ETF was up 1 cent to $34.11.

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