Morning Commentary: JPMorgan preferreds push higher; AT&T improves; Annaly trails

By James McCandless

San Antonio, July 24 – The preferred market was modestly positive early Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.

At the top of early secondary trading volume, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was pushing higher.

The preferreds (NYSE: JPMPrJ) were up 15 cents to $26.93 on volume of about 152,000 shares trading.

Elsewhere in the banking space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was weakening.

The preferreds (NYSE: FRCPrJ) were shaving off 15 cents to $25.35 with about 48,000 shares trading.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock started the session with an improvement.

The preferreds (NYSE: TPrC) were pushing up 11 cents to $24.73 on volume of about 50,000 shares.

Real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were trailing.

The preferreds (NYSE: NLYPrF) were declining by 12 cents to $21.70 with about 39,000 shares trading.

In utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were spotted gaining ground.

The notes (NYSE: SOJA) were up 6 cents to $25.74 on volume of about 22,000 notes.

© 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.