Bank of America’s preferreds decline; Edison International moves lower; Hartford down

By James McCandless

San Antonio, Nov. 20 – The preferred market kept up the negative trend in Tuesday’s session.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was a volume leader as it edged lower.

Elsewhere in the finance space, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds declined. Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds and its floating rate non-cumulative preferreds also fell.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferred securities continue to drop.

Meanwhile, the Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds also declined.

Banks head lower

Leading the secondary space, JPMorgan’s 5.75% series DD non-cumulative preferred stock moved lower in Tuesday’s session.

The preferreds (NYSE: JPMPrD) were down 1 cent to close at $24.44 on volume of about 620,000 shares.

On Monday, the preferreds lost 13 cents.

Meanwhile, Bank of America’s 5.875% series HH non-cumulative preferreds also trended negative.

The preferreds (NYSE: BACPrK) were down 17 cents to close at $24.29 with about 441,000 shares trading.

Goldman Sachs’5.5% fixed-to-floating rate non-cumulative perpetual preferreds and its floating-rate non-cumulative preferreds were also down.

The 5.5% preferreds (NYSE: GSPrJ) declined 5 cents to close at $24.45 on volume of about 396,000 shares.

On Monday, the 5.5% preferreds shaved off 20 cents.

The floating-rate preferreds (NYSE: GSPrD) sank 28 cents to close at $20.28 on volume of about 283,000 shares.

On Monday, the floaters had jumped up 30 cents.

SoCal Edison off

Meanwhile, in the utilities space, Southern California Edison’s 5% cumulative trust preferred securities fell again.

The preferreds (NYSE: SCEPrL) were down 15 cents to close at $18.48 with about 265,000 shares trading.

On Monday, the preferreds tanked 71 cents.

Hartford lower

Insurance provider Hartford’s 6% series G non-cumulative preferreds followed the market’s decline.

The preferreds (NYSE: HIGPrG) were down 5 cents to close at $24.85 on volume of about 232,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.44% at the end of Tuesday’s session after opening 0.41% lower.

The iShares US Preferred Stock ETF was off 28 cents to $35.27.

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