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JPMorgan preferreds gain; Southern California Edison declines; Energy Transfer jumps
By James McCandless
San Antonio, Jan. 25 – Closing out a holiday-shortened week, the preferred space was seen broadly improving by the Friday close.
Leading trading volume again, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock gained for a third day.
Elsewhere in finance, Citizens Financial Group, Inc.’s new 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock climbed again.
Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were on a positive track.
Utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities decline.
And oil and gas name Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units jumped higher.
JPMorgan gains
JPMorgan’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock continued to gain.
The series EE preferreds, trading under the temporary symbol “JPEEL,” were up 2 cents to close at $25.35 on volume of about 3.3 million shares.
On Thursday, the preferreds gained 13 cents.
The series DD preferreds (NYSE: JPMPrD) were up 10 cents to close at $25.33 on volume of about 324,000 shares.
On Thursday, the preferreds picked up 18 cents.
Elsewhere in the finance space, Citizens Financial’s new 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock improved again.
The preferreds, trading under the temporary symbol “CFGLL,” rose 7 cents to close at $25.33 with about 330,000 shares trading.
On Thursday, the preferreds added 1 cent.
Goldman Sachs’ series D floating-rate non-cumulative preferreds followed the positive trend.
The preferreds (NYSE: GSPrD) gained 6 cents to close at $19.24 on volume of about 311,000 shares.
SoCal Edison down
Meanwhile, in the utilities space, Southern California Edison’s 5% cumulative trust preferred securities were in decline on Friday.
The preferreds (NYSE: SCEPrL) lost 24 cents to close at $18.02 with about 319,000 shares trading.
Energy Transfer rises
Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative preferred units jumped on Friday.
The preferreds (NYSE: ETPPrC) added 34 cents to close at $24.14 on volume of about 289,000 shares.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.42% to end Friday trading.
The iShares US Preferred Stock ETF was up 12 cents to $35.79.
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