Morning Commentary: Medallion postpones offering; Public Storage mixed; JPMorgan gains

By James McCandless

San Antonio, Jan. 18 – The preferred market opened largely in positive territory on Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up 0.12%.

Medallion Financial Corp. said it postponed its plan to price $25-par series F fixed-to-floating rate noncumulative perpetual preferred stock.

Sandler O’Neill + Partners, LP was the bookrunner.

B. Riley FBR, Northland Capital Markets, Incapital LLC, Wedbush PacGrow and American Capital Partners, LLC were the co-managers.

In the secondary, real estate investment trust Public Storage’s 6% series Z and 4.95% series D cumulative preferred stock was mixed early Friday.

The series Z preferreds (NYSE: PSAPrZ) were level at $25.30 on volume of about 651,000 shares.

The series D preferreds (NYSE: PSAPrD) started lower by 11 cents to $22.64 on volume of about 287,000 shares.

Elsewhere, JPMorgan Chase & Co.’s new $1.85 billion of 6% series EE non-cumulative preferred stock improved, leading early trading.

The preferreds, trading under the temporary symbol “JPEEL,” were up 16 cents to $25.15 with about 586,000 shares trading.

JPMorgan’s established 5.75% series DD non-cumulative preferreds were also rising at the start of the session.

The preferreds (NYSE: JPMPrD) were up 6 cents to $25.05 with about 87,000 shares trading.

In other finance trading, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were also climbing.

The preferreds (NYSE: WFCPrQ) started higher by 4 cents to $25.01 on volume of about 38,000 shares.

Synovus Financial Corp.’s 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock headed upward.

The preferreds (NYSE: SNVPrD) added 4 cents to $24.99 with about 30,000 shares trading.

Meanwhile, in the insurance sector, Enstar Group Ltd.’s 7% series E perpetual non-cumulative preferreds and its 7% series D non-cumulative fixed-to-floating rate perpetual preferreds were on the rise in early activity.

The series E preferreds (Nasdaq: ESGRO) were higher by 64 cents to $24.85 on volume of about 56,000 shares.

The series D preferreds (Nasdaq: ESGRP) were better by 20 cents to $24.40 on volume of about 36,000 shares.

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