Morning Commentary: JPMorgan preferreds mixed; AIG positive; Pennsylvania REIT rises

By James McCandless

San Antonio, March 13 – The preferred space struck a positive path early Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.10%.

Leading early trading, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock were mixed.

The series EE preferreds (NYSE: JPMPrC) were active but level at $26.48 on volume of about 91,000 shares.

The series DD preferreds (NYSE: JPMPrD) were up 3 cents to $26.21 on volume of about 44,000 shares.

Elsewhere in finance, Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units were pushing higher.

The preferreds (NYSE: OAKPrB) gained 41 cents to $25.06 with about 79,000 shares trading.

News broke Monday morning that Brookfield Asset Management has purchased a 62% stake in Oaktree.

U.S. Bancorp’s series B non-cumulative perpetual preferreds followed the positive trend.

The preferreds (NYSE: USBPrH) picked up 11 cents to $19.35 on volume of about 40,000 shares.

Meanwhile, insurance provider American International Group, Inc.’s recent 5.85% series A non-cumulative perpetual preferred stock was slightly higher.

The preferreds, trading under the temporary symbol “AIGGZ,” were up 1 cent to $25.15 with about 46,000 shares trading.

Also, Pennsylvania Real Estate Investment Trust’s 6.875% series D cumulative redeemable perpetual preferreds started the session better.

The preferreds (NYSE: PEIPrD) rose 10 cents to $20.42 on volume of about 29,000 shares.

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