Morning Commentary: JPMorgan preferreds slip in early trading; Bank of America improves

By James McCandless

San Antonio, Oct. 9 – Post-holiday preferred stock trading activity saw a slight drop in volume even as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.26% early Tuesday.

JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock was seen declining, leading secondary trading for the second day in a row.

The preferreds (NYSE: JPMPrD) were down 1 cent to $24.99 on volume with about 114,000 shares compared with 174,000 shares during the same period a day earlier.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was rising in early activity.

The preferreds (NYSE: BACPrK) were up 3 cents to $24.99 with about 46,000 shares trading, already surpassing its Monday morning level of about 19,000 shares.

In the insurance space, Enstar Group Ltd.’s 7% series D non-cumulative fixed-to-floating rate perpetual preferred shares were rising.

The preferreds (Nasdaq: ESGRP) were up 4 cents to $25.81 on volume of about 48,000 shares.

Telecom giant AT&T, Inc.’s $25-par 5.35% global notes due 2066 were also gaining Tuesday morning.

The notes (NYSE: TBB) were up 8 cents to $24.49 on volume of about 42,000 notes.

Electric utility firm the Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 were also contributing to an improving preferred space.

The notes (NYSE: SOJB) were up 10 cents to $22.39 on volume of about 37,000 notes.

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