JPMorgan preferreds edge lower; Dominion Energy jumps; AT&T $25-par notes improve

By James McCandless

San Antonio, Jan. 11 – After opening lower early on Friday, the preferred space ended the day largely better.

Leading secondary trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds declined.

The preferreds (NYSE: JPMPrD) were down 2 cents to close at $25.04 on volume of about 700,000 shares.

Elsewhere in finance, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock was rising.

The preferreds (NYSE: CPrK) gained 9 cents to close at $26.44 with about 381,000 shares trading.

PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock was also positive.

The preferreds (NYSE: PNCPrP) ended higher by 13 cents to close at $26.34 on volume of about 304,000 shares.

In the utilities space, Dominion Energy, Inc.’s 5.25% series A enhanced junior subordinated notes due 2076 jumped higher.

The notes (NYSE: DRUA) jumped up 51 cents to close at $24.23 with about 181,000 notes trading.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 continued a streak of improvement.

The notes (NYSE: TBB) were up 24 cents to close at $24.35 on volume of about 169,000 notes.

On Thursday, the notes gained 27 cents.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.28%.

The iShares US Preferred Stock ETF was up 14 cents to $35.36.

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