Morning Commentary: MetLife preferreds higher; Energy Transfer gains; JPMorgan improves

By James McCandless

San Antonio, Jan. 9 – The preferred space began Thursday on a slight upward path as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.01%.

On top of early Thursday trading, insurance provider MetLife, Inc.’s new 4.75% series F non-cumulative preferred stock was pushing higher.

The preferreds, trading under the temporary symbol “METFL,” were up 9 cents to $25.19 on volume of about 481,000 shares.

Oil and gas name Energy Transfer Operating, LP’s 7.375% series C and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were both gaining ground.

The series C preferreds (NYSE: ETPPrC) were up 10 cents to $25.00 with about 202,000 shares trading.

The series E preferreds (NYSE: ETPPrE) were adding 10 cents to $25.76 with about 45,000 shares trading.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock followed the morning trend.

The preferreds (NYSE: JPMPrG) were improving 5 cents to $25.89 on volume of about 97,000 shares.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferreds were also seen moving into a stronger position.

The preferreds (NYSE: BACPrN) were picking up 6 cents to $25.85 with about 40,000 shares trading.

Telecom company AT&T Inc.’s 5% series A perpetual preferred stock was moved with the rest of the market.

The preferreds (NYSE: TPrA) were tacking on 4 cents to $26.11 on volume of about 54,000 shares.

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