JPMorgan leads finance names higher; MetLife preferreds climb; PS Business Parks rises

By James McCandless

San Antonio, Oct. 12 – Following the equity market, the preferred space strengthened on Friday after a week of sell-offs.

JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock ended higher on Friday, leading trading volume.

Elsewhere in the financial sector, improvements were seen in Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock and Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares.

In the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferred stock was seen gaining.

PS Business Parks, Inc.’s 6% series U cumulative preferred stock jumped up in the real estate sector.

JPMorgan rises

Leading the secondary again was JPMorgan’s recent issue of 5.75% series DD non-cumulative preferred stock.

The preferreds (NYSE: JPMPrD) were up 9 cents to close at $24.99 on volume of about 585,000 shares.

On Thursday, the preferreds picked up 1 cent.

Meanwhile, Bank of America’s 5.875% series HH non-cumulative preferred stock also ended better at the close of the session.

The preferreds (NYSE: BACPrK) were up 11 cents to close at $25.09 with about 418,000 shares trading.

Barclays’ 8.125% series 5 non-cumulative callable dollar preference shares rose.

The preferreds (NYSE: BCSPrD) were up 4 cents to close at $25.80 on volume of about 265,000 shares.

MetLife up

Elsewhere, insurance provider MetLife’s 5.625% series E non-cumulative preferred stock traded up.

The preferreds (NYSE: METPrE) were up 8 cents to close at $24.33 with about 145,000 shares trading.

PS Business gains

Real estate investment trust PS Business Parks’ 6% series U cumulative preferred stock rose on increased investor attention.

The preferreds (NYSE: PSBPrU) were up 13 cents to close at $23.68 on volume of about 109,000 shares, far surpassing its average volume of about 9,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% at the close, scaling back from a 0.26% rise in early trading on Friday.

The iShares US Preferred Stock ETF was down 6 cents to $35.85.

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