Morning Commentary: JPMorgan preferreds gain; AT&T lower; Pennsylvania REIT sinks

By James McCandless

San Antonio, Feb. 26 – Top traders in the preferred market varied as the overall space saw a boost with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.19%.

Leading early activity, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was gaining ground.

The preferreds (NYSE: JPMPrC) were up 6 cents to $27.19 on volume of about 216,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferred stock was declining early.

The preferreds (NYSE: WFCPrZ) was losing 5 cents to $25.21 with about 195,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were trailing.

The preferreds (NYSE: COFPrI) were tacking on 5 cents to $24.75 on volume of about 171,000 shares.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was shifting lower as the day started.

The preferreds (NYSE: TPrC) were dipping 2 cents to $24.90 with about 149,000 shares trading.

Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock was crashing.

The preferreds (NYSE: PEIPrC) were diving $1.91 to $14.26 on volume of about 94,000 shares.

In the company’s fourth-quarter earnings report released late Tuesday, the company said that it expects to not meet some financial covenants this year.

Talks are ongoing to modify those covenants.

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