Morgan Stanley preferreds rise; Southern California Edison improves; AmTrust slides

By James McCandless

San Antonio, Jan. 28 – Preferred trading ended Monday with mixed results, led by financial names.

Leading trading volume, Morgan Stanley’s 5.85% series K and 6.875% series F fixed-to-floating rate non-cumulative preferreds were both positive.

Elsewhere in finance, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were mixed.

Citizens Financial Group, Inc.’s recent 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock rose.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities gain.

Insurance name AmTrust Financial Services, Inc.’s 7.75% series E non-cumulative preferreds dropped.

JPMorgan mixed

Morgan Stanley’s 5.85% series K and 6.875% series F fixed-to-floating rate non-cumulative preferreds both rose in Monday trading.

The series K preferreds (NYSE: MSPrK) were up 12 cents to close at $25.33 on volume of about 1.1 million shares.

The series F preferreds (NYSE: MSPrF) edged 1 cent higher to close at $26.86 on volume of about 249,000 shares.

Elsewhere in the finance space, JPMorgan’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock ended the session mixed.

The 6% preferreds, trading under the temporary symbol “JPEEL,” closed the day level at $25.35 with about 1 million shares trading.

On Friday, the preferreds rose 2 cents.

The 5.75% preferreds (NYSE: JPMPrD) picked up 3 cents to close at $25.36 with about 461,000 shares trading.

On Friday, the preferreds gained 10 cents.

Citizens Financial’s recent 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock was also positive.

The preferreds, trading under the temporary symbol “CFGLL,” added 8 cents to close at $25.41 on volume of about 242,000 shares.

On Friday the preferreds gained 7 cents.

SoCal Edison up

In the utilities sector, Southern California Edison’s 5% cumulative trust preferred securities saw a boost.

The preferreds (NYSE: SCEPrL) jumped up 30 cents to close at $18.32 with about 510,000 shares trading.

On Friday, the preferreds dropped 24 cents.

AmTrust weakens

Insurance name AmTrust’s 7.75% series E non-cumulative preferreds saw a negative trend at the start of the week.

The preferreds (NYSE: AFSIPrE) were off by 72 cents to close at $8.30 on volume of about 240,000 shares.

The company has filed paperwork with the Securities and Exchange Commission to delist and deregister its preferred structure by Feb. 7.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.26%, reversing a 0.18% decline at the start of Monday trading.

The iShares US Preferred Stock ETF was down 2 cents to $35.77.

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