JPMorgan’s preferreds lead market higher; Digital Realty Trust up; Hartford improves

By James McCandless

San Antonio, Nov. 21 – The preferred space saw a recovery from the previous two days in the pre-Thanksgiving session.

Volume leader JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock improved in secondary trading.

Elsewhere in finance, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds traded up.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds gained.

Meanwhile, real estate investment trust Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferred stock followed the positive trend.

And insurance provider Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds rose.

Financials better

Trading at the top of the secondary again, JPMorgan’s 5.75% series DD non-cumulative preferred stock led a recovery Wednesday.

The preferreds (NYSE: JPMPrD) were up 25 cents to close at $24.69 on volume of about 284,000 shares.

On Tuesday, the preferreds lost 1 cent.

Bank of America’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds traded upward.

The series HH preferreds (NYSE: BACPrK) were better by 20 cents to close at $24.49 with about 276,000 shares trading.

On Tuesday, the series HH preferreds lost 17 cents.

The series GG preferreds (NYSE: BACPrB) were also up 20 cents to close at $25.20 with about 189,000 shares trading.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferreds were up.

The preferreds (NYSE: ALLYPrA) gained 9 cents to close at $25.72 on volume of about 211,000 shares.

Digital Realty improves

Meanwhile, real estate investment trust Digital Realty’s 7.375% series H cumulative redeemable preferred stock followed the market’s positive swing.

The preferreds (NYSE: DLRPrH) traded 7 cents higher to close at $25.50 with about 233,000 shares trading.

Hartford higher

Insurance provider Hartford’s 6% series G non-cumulative preferreds rose in Wednesday’s session.

The preferreds (NYSE: HIGPrG) jumped up 30 cents to close at $25.17 on volume of about 131,000 shares.

On Tuesday, the preferreds lost 5 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.43% at the end of Wednesday trading, expanding from a 0.25% gain seen early in the day.

The iShares US Preferred Stock ETF was up 19 cents to $35.46.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.