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Bank earnings in focus, causing limited liquidity; Wells Fargo, JPMorgan eyed post-results
By Stephanie N. Rotondo
Seattle, July 17 – The preferred stock market was trending upward early Monday but faded a bit by day’s end.
One market source noted that the market was only slightly weaker “on fairly light volume.”
The Wells Fargo Hybrid and Preferred Securities index was down 7 basis points. The U.S. iShares Preferred Stock ETF was off 3 bps.
With more bank earnings expected this week – Goldman Sachs Group Inc. and Bank of America Corp. are scheduled to announce numbers on Tuesday, with Morgan Stanley & Co. Inc. following suit on Wednesday – investors continued to digest results from the previous week.
That resulted in an uptick of activity in Wells Fargo & Co.’s 8% class A series J noncumulative preferreds (NYSE: WFCPrJ), as well as J.P. Morgan Chase & Co.’s 5.5% series O noncumulative preferreds (NYSE: JPMPrD).
The former closed off 3 cents at $25.87, while the latter rose 2 cents to $25.37.
Both banks reported earnings on Friday that mostly beat expectations. As for Wells Fargo, there was also news out over the weekend about the bank’s plans to shed some of its smaller businesses in an effort to improve investor confidence following a sales scandal uncovered in September 2016.
Aside from the bank-linked issues, Two Harbors Investment Corp.’s $250 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferreds continued to be on the active side.
The preferreds firmed a penny to $25.36.
The deal came July 12 via Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC and Keefe Bruyette & Woods Inc. The deal was upsized from $75 million and priced tighter than the 7.75% initial price talk.
The issue trades under a temporary symbol, “TWHBP.”
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