New JPMorgan preferreds improve; Allstate $25-par debentures drop; Public Storage rises

By James McCandless

San Antonio, Jan. 18 – The preferred space ended the Friday session mixed on higher trading volume.

For a second day, JPMorgan Chase & Co.’s new $1.85 billion of 6% series EE non-cumulative preferred stock led activity, improving on Friday.

The preferreds, trading under the temporary symbol “JPEEL,” were up 21 cents to close at $25.20 on volume of about 5.3 million shares.

Elsewhere in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds pushed higher.

The preferreds (NYSE: WFCPrQ) gained 27 cents to close at $25.24 with about 503,000 shares trading.

In the insurance space, Allstate Corp.’s 5.1% fixed-to-floating rate subordinated debentures due 2053 were falling.

The debentures (NYSE: ALLPrB) dropped 5 cents to close at $24.79 on volume of about 3.4 million debentures.

Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds (NYSE: HIGPrG) were down 50 cents to close at $25.40 with about 676,000 shares trading.

Real estate investment trust Public Storage’s 6% series Z and 5.05% series G cumulative preferred stock were both rising.

The series Z preferreds (NYSE: PSAPrZ) added 9 cents to close at $25.39 on volume of about 800,000 shares.

The series G preferreds (NYSE: PSAPrG) rose 38 cents to close at $23.34 on volume of about 521,000 shares.

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