New JPMorgan preferreds improve; Allstate $25-par debentures drop; Public Storage rises

By James McCandless

San Antonio, Jan. 18 – The preferred space ended the Friday session mixed on higher trading volume.

For a second day, JPMorgan Chase & Co.’s new $1.85 billion of 6% series EE non-cumulative preferred stock led activity, improving on Friday.

Its 5.75% series DD non-cumulative preferred stock ended the session lower.

Elsewhere in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds pushed higher.

In the insurance space, Allstate Corp.’s 5.1% fixed-to-floating rate subordinated debentures due 2053 were falling.

Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds dropped.

Real estate investment trust Public Storage’s 6% series Z and 5.05% series G cumulative preferred stock were both rising.

JPMorgan mixed

Leading the secondary again, JPMorgan’s new $1.85 billion of 6% series EE non-cumulative preferred stock saw a boost in the Friday session.

The preferreds, trading under the temporary symbol “JPEEL,” were up 21 cents to close at $25.20 on volume of about 5.3 million shares.

On Thursday, the preferreds ended their first trading day at $24.99.

JPMorgan’s existing 5.75% series DD non-cumulative preferred stock went the opposite direction.

The preferreds (NYSE: JPMPrD) lost 2 cents to close at $24.97 on volume of about 782,000 shares.

On Thursday, the preferreds gained 12 cents.

Elsewhere in the finance space, Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds saw a boost late in the session.

The preferreds (NYSE: WFCPrQ) gained 27 cents to close at $25.24 with about 503,000 shares trading.

Allstate loses

Insurance provider Allstate’s 5.1% fixed-to-floating rate subordinated debentures due 2053 declined in Friday trading.

The debentures (NYSE: ALLPrB) dropped 5 cents to close at $24.79 on volume of about 3.4 million debentures.

Hartford’s 6% series G non-cumulative preferreds also ended the week negative.

The preferreds (NYSE: HIGPrG) were down 50 cents to close at $25.40 with about 676,000 shares trading.

Public Storage rises

Meanwhile, real estate investment trust Public Storage’s 6% series Z and 5.05% series G cumulative preferred stock were both rising in Friday trading.

The series Z preferreds (NYSE: PSAPrZ) added 9 cents to close at $25.39 on volume of about 800,000 shares.

The series G preferreds (NYSE: PSAPrG) rose 38 cents to close at $23.34 on volume of about 521,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.44% at the end of the Friday session, increasing from a 0.12% gain in early trading.

The iShares US Preferred Stock ETF was up 7 cents to $35.50.

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