Goldman Sachs preferred floaters edge lower; NiSource rises; DCP Midstream declines

By James McCandless

San Antonio, Dec. 19 – The preferred market saw another mixed session on Wednesday as some gains were given back after the Federal Reserve announced a hike in interest rates.

Leading trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock ended lower.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds ended flat.

U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock gained.

In utilities, NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was also rising.

Energy name DCP Midstream LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferreds declined.

Goldman Sachs dips

Leading secondary trading, Goldman Sachs’ series D floating-rate non-cumulative preferred stock ended the session slightly lower.

The preferreds (NYSE: GSPrD) were down 1 cent to close at $17.46 on volume of about 550,000 shares.

On Tuesday, the preferreds lost 13 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferreds were active but ended flat.

The preferreds (NYSE: JPMPrD) closed at $24.50 with about 529,000 shares trading.

On Tuesday, the preferreds gained 1 cent.

U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock saw a boost in the day’s trading.

The preferreds (NYSE: USBPrH) traded up 20 cents to close at $18.82 on volume of about 400,000 shares.

NiSource up

Elsewhere, in the utilities space, NiSource’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock rose.

The preferreds, trading under the temporary symbol “NISOP,” gained 4 cents to close at $25.00 with about 259,000 shares trading.

On Tuesday, the preferreds were up 1 cent.

DCP Midstream drops

Energy name DCP Midstream’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferreds declined.

The preferreds (NYSE: DCPPrB) were down 11 cents to close at $21.87 on volume of about 247,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at the end of the Wednesday session after gaining 0.10% in early trading.

The iShares US Preferred Stock ETF was down 5 cents to $33.96.

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