Morning Commentary: JPMorgan mixed; Hartford lower; Maiden Holdings declines

By James McCandless

San Antonio, Jan. 22 – A new week in the preferred market saw a decline at the start of the Tuesday session with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.15%.

Leading the secondary space, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock was seen declining at the open.

The preferreds, trading under the temporary symbol “JPEEL,” were down 5 cents to $25.15 on volume of about 215,000 shares.

The company’s established 5.75% series DD non-cumulative preferreds were gaining.

The preferreds (NYSE: JPMPrD) were up 1 cent to $24.98 on volume of approximately 51,000 shares.

Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were falling early Monday.

The preferreds (NYSE: CPrN) had lost 32 cents to $26.50 with about 62,000 shares trading.

Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferreds were also following a negative trend.

The preferreds (NYSE: WFCPrV) started off lower by 3 cents to $25.60 on volume of about 45,000 shares.

Meanwhile, in the insurance sector, Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds were also trading lower.

The preferreds (NYSE: HIGPrG) were down 9 cents to $25.31 with about 86,000 shares trading.

Maiden Holdings Ltd.’s 6.7% non-cumulative preference shares opened the trading day with a drop.

The preferreds (NYSE: MHPrD) started off down by $1.00 on volume of about 41,000 shares.

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