Allstate jumps; JPMorgan positive; New Residential preferreds decline

By James McCandless

San Antonio, Aug. 27 – The preferred market saw a broad gain to finish Tuesday’s session as top traders were non-cohesive.

Volume leader Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock jumped higher.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock closed on the positive side.

Sector peer Ladenburg Thalmann Financial Services, Inc.’s 8% series A cumulative redeemable preferred stock sunk.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds also finished under water.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds slipped.

Allstate jumps

At the top of Tuesday preferred volume, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock jumped higher.

The preferreds (NYSE: ALLPrH) were up 18 cents to close at $26.00 on volume of about 365,000 shares.

On Monday, the preferreds lost 7 cents.

The company declared dividends on six series of preferreds on Tuesday, including the series H preferreds.

JPMorgan rises

Meanwhile, in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock closed the session on the positive side.

The preferreds (NYSE: JPMPrC) added 1 cent to close at $28.00 with about 299,000 shares trading.

Sector peer Ladenburg Thalmann’s 8% series A cumulative redeemable preferred stock spent Tuesday sinking.

The preferreds (NYSE: LTSPrA) dropped 31 cents to close at $24.50 on volume of about 190,000 shares.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds also finished the session under water.

The preferreds (NYSE: MSPrK) declined by 2 cents to close at $27.16 with about 171,000 shares trading.

On Monday, the preferreds fell 1 cent.

New Residential slips

Real estate investment trust New Residential’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds were also pushed lower.

The preferreds (NYSE: NRZPrB) slipped 2 cents to close at $24.96 on volume of about 240,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished Tuesday up by 0.11%, remaining virtually unchanged since gaining 0.09% earlier in the day.

The iShares US Preferred Stock ETF was up 3 cents to $37.37.

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