Morning Commentary: JPMorgan climbs; AT&T preferreds boosted; Southern Co. rises

By James McCandless

San Antonio, July 23 – The preferred space started the latter half of the week on a positive trend with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.19%.

Leading the morning’s secondary market, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was climbing.

The preferreds (NYSE: JPMPrJ) were up 21 cents to $26.74 on volume of about 256,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was also improving.

The preferreds (NYSE: WFCPrZ) were gaining 18 cents to $23.95 with about 185,000 shares trading.

Sector peer Wintrust Financial Corp.’s 6.875% series E fixed-rate reset non-cumulative perpetual preferreds also began on an upward trend.

The preferreds (Nasdaq: WTFCP) were picking up 3 cents to $25.87 on volume of about 120,000 shares.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock was receiving a boost.

The preferreds (NYSE: TPrC) were tacking on 14 cents to $24.63 with about 79,000 shares trading.

Meanwhile, utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 joined the morning trend.

The notes (NYSE: SOJA) were rising 2 cents to $25.72 on volume of about 59,000 notes.

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