Morning Commentary: JPMorgan preferreds rise; Citizens Financial improves; AmTrust up

By James McCandless

San Antonio, Jan. 24 – Early activity in the preferred space saw the market start on a slightly positive track with the Wells Fargo Hybrid & Preferred Securities Financial index up 0.02%.

Leading early trading, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock started the session rising.

The preferreds, trading under the temporary symbol “JPEEL,” were up 3 cents to $25.23 on volume of about 129,000 shares.

Elsewhere in finance, Citizens Financial Group, Inc.’s new $300 million series D fixed-to-floating rate non-cumulative perpetual preferreds were also gaining.

The preferreds, trading under the temporary symbol “CFGLL,” picked up 2 cents to $25.27 with about 109,000 shares trading.

Meanwhile, in the insurance space, AmTrust Financial Services, Inc.’s 6.95% series F and 7.75% series E non-cumulative preferred stock were both improving at the open.

The series F preferreds (NYSE: AFSIPrF) were up 6 cents to $8.07 on volume of about 73,000 shares.

The series E preferreds (NYSE: AFSIPrE) were up 16 cents to $9.00 on volume of about 49,000 shares.

Enstar Group Ltd.’s 7% fixed-to-floating rate perpetual non-cumulative preferreds were also positive at the beginning of Thursday’s session.

The preferreds (Nasdaq: ESGRP) gained 20 cents to $24.80 with about 56,000 shares trading.

Integrated communications name Qwest Corp.’s 6.5% notes due 2056 opened lower.

The notes (NYSE: CTBB) fell 51 cents to $19.52 on volume of about 47,000 notes.

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