Morning Commentary: JPMorgan preferreds improve; AGNC lower; National General weakens

By James McCandless

San Antonio, March 7 – The preferred space opened generally lower on Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.18%.

Leading trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were slightly improving against the prevailing trend.

The preferreds (NYSE: JPMPrD) were up 3 cents to $25.88 on volume of about 92,000 shares.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock was moving lower at the open.

The preferreds (Nasdaq: AGNCM) were down 5 cents to $24.77 with about 49,000 shares trading.

Sector peer Digital Realty Trust, Inc.’s recent 5.85% series K cumulative redeemable preferred stock was relatively active early in the session.

The preferreds, trading under the temporary symbol “DLRPO,” edged 1 cent lower to $24.79 on volume of about 98,000 shares.

Public Storage’s recent 5.6% series H cumulative preferreds were also in decline.

The preferreds, trading under the temporary symbol “PSALL,” were off by 9 cents to $24.95 with about 51,000 shares trading.

Insurance provider National General Holdings Corp.’s 7.5% series C non-cumulative preferred stock was down in early trading.

The preferreds (Nasdaq: NGHCN) were off 7 cents to $21.87 on volume of about 43,000 shares.

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