Preferreds steady as more desks empty due to weather; JMP's $25-par notes list on NYSE

By Stephanie N. Rotondo

Phoenix, Feb. 13 - Preferred stocks were treading water Thursday as more inclement weather began dumping another round of snow on the Northeast.

One trader speculated that the dismal weather conditions combined with an upcoming three-day weekend was resulting in many players opting to throw in the towel for the week.

As of mid-morning, the Wells Fargo Hybrid and Preferred Securities index was trading flat. Despite the day's generally low liquidity, as well as the uptick in empty desks, the index managed to finish the session up 32 basis points.

JMP Group Inc.'s $42 million of 7.25% $25-par senior notes due 2021 listed on the New York Stock Exchange on Thursday.

The issue priced Jan. 22. The ticker symbol is "JMPC."

Early in the day, the issue was trading at $24.80, versus opening levels of $24.75.

Paper closed at $24.85.

On Wednesday, the company said its $6.3 million greenshoe had been fully exercised, bringing the total issuance to $48.3 million.

Meanwhile, a trader said AmTrust Financial Services Inc. had released "strong earnings" on Thursday. In response, the company's 6.75% series A noncumulative preferreds (NYSE: AFSIPA) were inching higher.

At midday, the issue was up 6 cents at $21.85. By the end of business, the shares were up 38 cents, or 1.74%, at $22.17.

For the fourth quarter, the New York-based company reported operating earnings of $81.9 million, or $1.03 per share, which was up 53.3% from the previous year. Net income came to $64.7 million, or 82 cents per share, versus $55.3 million, or 72 cents per share, for the same quarter of 2012.

Revenue was $816.4 million, up 76.9% year over year.

For the full year, revenue was $2.7 billion, up from $1.67 billion in 2012.

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