Morning Commentary: Fortress rises; JPMorgan preferreds declining; Allstate active

By James McCandless

San Antonio, Aug. 27 – Moving into Thursday, the preferred space continued to see gains as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.07%.

Leading early secondary market trading volume, Fortress Biotech, Inc.’s 9.375% series A cumulative redeemable perpetual preferred shares were rising.

The preferreds (Nasdaq: FBIOP) were up 8 cents to $18.04 on volume of about 172,000 shares.

Late Wednesday, the company priced an additional $12 million of the series A preferreds.

Meanwhile, in the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was declining.

The preferreds (NYSE: JPMPrC) were being pushed down 3 cents to $28.03 with about 59,000 shares.

Insurance carrier Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were relatively active but unchanged as the day started.

The preferreds (NYSE: ALLPrH) were holding level at $27.25 on volume of about 31,000 shares.

Telecom services provider United States Cellular Corp.’s 7.25% senior notes due 2064 were being carried higher.

The notes (NYSE: UZC) were improving by 7 cents to $25.76 with about 30,000 notes trading.

Elsewhere, utilities name Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares were slipping.

The preferreds (NYSE: JEPrA) were shedding 1 cent to $1.29 on volume of about 29,000 shares.

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