Morning Commentary: Preferreds open higher; Truist Financial, JPMorgan active early

By James McCandless

San Antonio, Aug. 12 – At the start of the Wednesday session, the preferred market was rising as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.10%.

Leading the morning’s secondary market, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was higher.

The preferreds (NYSE: TFCPrR) were up 14 cents to $25.59 on volume of about 100,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also starting the session on the positive side.

The preferreds (NYSE: JPMPrD) were picking up 2 cents to $27.55 with about 44,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were tracking higher.

The notes (NYSE: LMHB) were advancing by 2 cents to $25.18 on volume of about 71,000 notes.

Telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock was declining, bucking the trend.

The preferreds (NYSE: TPrC) were slipping 2 cents to $25.04 with about 57,000 shares trading.

Meanwhile, Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were under water.

The preferreds (NYSE: PEIPrC) were falling 32 cents to $4.22 on volume of about 43,000 shares.

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