Morning Commentary: JPMorgan, Wells Fargo lead market lower; Medical Transcription jumps

By James McCandless

San Antonio, Oct. 10 – Early activity in the preferred market opened with a sharp decline and moderate volume on Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index moved lower by 0.20%.

Leading the secondary again, JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock opened lower.

The preferreds (NYSE: JPMPrD) were down 4 cents to $24.96 on volume of about 109,000 shares.

Elsewhere in the financial sector, Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferred stock also declined at the start of the session.

The preferreds (NYSE: WFCPrX) were down 7 cents to $24.27 with about 67,000 shares trading.

Meanwhile, in the health care space, Medical Transcription Billing, Corp.’s 11% series A cumulative redeemable perpetual preferred stock was spotted gaining.

The preferreds (Nasdaq: MTBCP) were up 22 cents to $27.10 on volume of about 58,000 shares.

Insurance provider MetLife, Inc. saw its 5.625% series E non-cumulative preferred stock trending lower.

The preferreds (NYSE: METPrE) were down 7 cents to $24.51 with about 50,000 shares trading.

Real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock also saw a bump early Wednesday.

The company declared dividends for its common and preferred stock last Monday, including a quarterly dividend of $0.421875 per share for the series C preferreds.

The preferreds (NYSE: UMHPrC) were up 5 cents to $24.14 on volume of about 28,000 shares.

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