JPMorgan preferreds better; Teekay Offshore climbs higher; Allstate declines

By James McCandless

San Antonio, Feb. 11 – The preferred space opened a new week moving higher on robust volume.

Leading trading, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock and its 6% series EE non-cumulative preferred stock ended better.

Elsewhere in finance, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferreds ended flat after trending lower.

Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock closed higher.

Meanwhile, shipping name Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units saw a large gain.

Insurer Allstate Corp.’s 5.625% series G fixed rate non-cumulative perpetual preferreds were negative.

JPMorgan gains

Trading at the top of the secondary, JPMorgan’s 5.75% series DD non-cumulative preferred stock and its 6% series EE non-cumulative preferred stock were both on the rise Monday.

The series DD preferreds (NYSE: JPMPrD) were up 13 cents to close at $25.18 on volume of about 812,000 shares.

On Friday, the preferreds rose 2 cents.

The series EE preferreds (NYSE: JPMPrC) were up 5 cents to close at $25.68 on volume of about 520,000 shares.

On Friday, the preferreds picked up 4 cents.

Elsewhere in the finance space, People’s United’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferreds were under pressure but closed flat.

The preferreds (Nasdaq: PBCTP) moved as low as $23.83 but ended level at $23.97 with about 305,000 shares.

On Friday, the preferreds gained 32 cents.

Goldman Sachs’ series D floating rate non-cumulative preferred stock moved higher.

The preferreds (NYSE: GSPrD) added 11 cents to close at $18.46 on volume of about 227,000 shares.

On Friday, the preferreds were level at $18.35.

Teekay jumps

Meanwhile, in the shipping space, Teekay Offshore’s 7.25% series A cumulative redeemable preferred units jumped higher.

The preferreds (NYSE: TOOPrA) jumped $1.46 to close at $18.71 with about 208,000 shares trading.

On Friday, the company issued its fourth-quarter earnings, showing a profit of 30 cents per unit.

Allstate down

Bucking Monday’s positive trend, Allstate’s 5.625% series G fixed rate non-cumulative perpetual preferreds declined.

The preferreds (NYSE: ALLPrG) lost 6 cents to close at $25.00 on volume of about 184,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.22% to close out the Monday session, more than tripling early gains of 0.07%.

The iShares US Preferred Stock ETF was up 1 cent to $35.66.

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