JPMorgan preferreds gain; Southern California Edison improves; NiSource closes better

By James McCandless

San Antonio, Jan. 29 – While facing negative pressure throughout Tuesday, many active names in the preferred secondary market closed largely better.

Leading the way, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock gained.

Elsewhere in finance, Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferreds were negative.

Citizens Financial Group, Inc.’s recent 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock followed the positive track.

Meanwhile, utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities end higher.

NiSource Inc.’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferreds edged upward.

JPMorgan up

Leading trading volume, JPMorgan’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were both seen gaining in Tuesday’s session.

The 6% preferreds, trading under the temporary symbol “JPEEL,” were up 10 cents to close at $25.45 on volume of about 1.8 million shares.

On Monday, the preferreds were level.

The 5.75% preferreds (NYSE: JPMPrD) were up 3 cents to close at $25.03 on volume of about 470,000 shares.

On Monday, the preferreds added 3 cents.

Elsewhere in the finance space, Charles Schwab’s ’s 5.95% series D non-cumulative perpetual preferreds declined.

The preferreds (NYSE: SCHWPrD) fell 20 cents to close at $26.13 with about 702,000 shares trading.

Citizens Financial’s recent 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock saw a positive day.

The preferreds, trading under the temporary symbol “CFGLL,” gained 3 cents to close at $25.44 on volume of about 342,000 shares.

On Monday, the preferreds rose by 8 cents.

SoCal Edison improves

Meanwhile, in the utilities space, Southern California Edison’s 5% cumulative trust preferred securities ended trading higher.

The preferreds (NYSE: SCEPrL) took a 5 cent increase to close at $18.37 with about 442,000 shares trading.

On Monday, the preferreds saw a 30 cent boost.

Sector peer NiSource’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferreds ended on an upward track.

The preferreds (NYSE: NIPrB) edged up 1 cent to close at $26.18 on volume of about 347,000 shares.

Indexes mixed

At the end of trading, the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09%, giving back a 0.02% gain in early activity.

The iShares US Preferred Stock ETF was up 6 cents to $35.83.

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