Stifel sells $25-par preferreds; Tsakos improves in secondary market; JPMorgan mixed

By James McCandless

San Antonio, Feb. 21 – Thursday activity in the preferred space saw more mixed results amid another primary deal.

Stifel Financial Corp. priced a $150 million offering of $25-par series B non-cumulative preferred stock at par with a dividend of 6.25%.

There is a $22.5 million greenshoe.

The offering, announced Thursday morning, came in below talk for a dividend in the 6.375% area.

In the secondary, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock closed mixed.

The series EE preferreds (NYSE: JPMPrC) finished level at $26.00 bid on volume of about 452,000 shares.

The series DD preferreds (NYSE: JPMPrD) lost 1 cent to close at $25.35 on volume of about 187,000 shares.

Elsewhere in finance, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferreds declined.

The preferreds (Nasdaq: PBCTP) lost 10 cents to close at $24.10 with about 216,000 shares trading.

Meanwhile, shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E and 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds moved higher again.

The 9.25% preferreds (NYSE: TNPPrE) picked up $1.13 to close at $22.26 on volume of about 323,000 shares.

The 9.5% preferreds (NYSE: TNPPrF) gained 76 cents to close at $22.09 on volume of about 274,000 shares.

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