| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dynagas LNG Partners LP > News item |
Morning Commentary: Preferred stocks soften in early trading; JPMorgan, Dynagas decline
By Cristal Cody
Tupelo, Miss., Oct. 23 – Preferred stocks opened weaker as equities softened on global concerns on Tuesday.
The Wells Fargo Hybrid and Preferred Securities index was down 0.39% at the start of the day. The index closed up 0.09% on Monday.
The U.S. iShares Preferred Stock ETF declined 0.45% in early trading after ending Monday 0.8% better.
In the secondary market, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock slipped 3 cents, or 0.12%, to $24.80 on an average trading volume of 2.38 million shares.
The preferred stock (NYSE: JPMPrD) had closed up 33 cents, or 1.35%, to $24.83 on Monday on an average trading volume of 2.41 million shares.
JPMorgan sold $1.7 billion of the $25-par perpetual preferred shares on Sept. 17.
In other trading early Tuesday, Dynagas LNG Partners LP’s new 8.75% series B fixed-to-floating rate perpetual preferreds slipped 8 cents, or 0.32%, to $24.62. The average trading volume over the morning was 271,000 shares.
The preferreds, traded under the temporary symbol “DGAGF,” headed out on Monday up 3 cents, or 0.12%, at $24.70. The average trading volume in the previous session was about 315,000 shares.
Dynagas sold $55 million of the $25-par preferreds on Oct. 16. The issue has an $8.25 million greenshoe.
Primary action in the preferred stock market was quiet at the start of the day.
On Monday, Citizens Financial Group, Inc. sold $300 million, or 300,000 shares, of fixed-to-floating rate non-cumulative perpetual preferred stock (BB+/BB-) with a 6.375% dividend.
The Providence, R.I.-based banking and financial services company does not intend to list the preferreds on any exchange.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.