JPMorgan preferreds vary; Allstate better; PS Business Parks decline

By James McCandless

San Antonio, Nov. 8 – The preferred market finished the week with a positive push, breaking the downward trend of the last four days.

At the top of trading, JPMorgan Chase & Co.’s recent 4.75% series GG and 5.75% series DD non-cumulative perpetual preferred stock varied.

The series GG preferreds were down 5 cents to close at $24.80 on volume of about 734,000 shares.

The series DD preferreds were up 3 cents to close at $26.62 on volume of about 307,000 shares.

Elsewhere in finance, CIT Group Inc.’s new $200 million 5.625% series B non-cumulative perpetual preferred stock closed under par, landing at $24.93 with about 652,000 shares trading.

Sector peer Synchrony Financial’s new 5.625% series A non-cumulative perpetual preferreds saw an improvement. The preferreds jumped up 15 cents to close at $24.92 on volume of about 586,000 shares.

Meanwhile, insurance name Allstate Corp.’s new 4.75% series I fixed-rate non-cumulative perpetual preferred stock also rose, picking up 4 cents to close at $24.77 with about 234,000 shares trading.

REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock slipped 3 cents to close at $24.54 on volume of about 186,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.