JPMorgan preferreds improve; Public Storage rises; Southern Co. $25-par notes weaken

By James McCandless

San Antonio, May 24 – As the market ended trading in anticipation of the three-day weekend, the preferred space was largely positive as top traders were mixed.

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

The preferreds (NYSE: JPMPrC) were up 6 cents to close at $26.58 on volume of about 274,000 shares.

Elsewhere in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% and Deutsche Bank Contingent Capital Trust V’s 8% trust preferred securities both fell.

The 6.55% preferreds (NYSE: DXB) dropped 12 cents to close at $24.70 with about 184,000 shares trading.

The 8.05% preferreds (NYSE: DKT) lost 7 cents to close at $25.65 with about 184,000 shares trading.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds were also negative.

The preferreds (NYSE: PNCPrP) declined by 8 cents to close at $26.78 on volume of about 117,000 shares.

Meanwhile, Public Storage’s 4.9% series E cumulative preferred shares were on the rise.

The preferreds (NYSE: PSAPrE) rose 11 cents to close at $24.42 with about 120,000 shares trading.

In utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 (NYSE: SOJA) were off 1 cent to close at $26.12 on volume of about 101,000 notes.

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