Bank preferreds mostly up after stress test; Gabelli, National General tick higher

By Christine Van Dusen

Atlanta, July 1 – Trading of preferreds from U.S. banks was quiet on Friday, ahead of the July 4 holiday in the United States, with some upward movement for banks in the wake of the most recent round of stress tests.

Wells Fargo & Co.’s 5.5% series X class A noncumulative preferreds (NYSE: WFCPX) traded Friday morning up 14 cents to $25.92. The notes finished at $26.02.

Bank of America Corp.’s 6% series EE noncumulative preferreds (NYSE: BACPA) moved up 14 cents to $26.18 on Friday morning. The notes closed at $26.42.

And JPMorgan Chase & Co.’s 6.15% series BB noncumulative preferreds (NYSE: JPMPH) rose 8 cents to $26.83 on Friday morning. At the close the stock was seen at $26.80.

Also on Friday, New York-based investment firm Gabelli Dividend & Income Trust’s $100 million of 5.25% series G cumulative preferreds – a deal priced Tuesday – moved to about $25.20 in trading, a trader said.

In other news, investors continued to watch National General Holdings Corp. after the New York-based insurance company sold $175 million of series C noncumulative preferreds at par to yield 7.5%, following price talk at 7.625%.

A trader quoted the new issue at about $25.10 on Friday morning.

Morgan Stanley, UBS Securities LLC and Keefe Bruyette & Woods Inc. ran the books for the deal, the proceeds of which will be used for general corporate purposes.

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