Bank, financial preferreds mixed; Goldman, JPMorgan gain; preferred indexes mostly flat

By Cristal Cody

Tupelo, Miss., July 16 – Preferred stocks finished Tuesday’s session mixed as focus turned to bank and financial earnings releases.

On Tuesday, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. released their earnings reports. The earnings releases will continue on Wednesday from Bank of America Corp. and from Morgan Stanley on Thursday.

The Wells Fargo Hybrid and Preferred Securities index finished the day better by 0.01% after being spotted down 0.06% over the morning.

The U.S. iShares Preferred Stock ETF was down about 1 cent, or 0.03%, to close at $37.02.

In trading in the bank and financial space on Tuesday, Goldman Sachs Group’s preferreds were better on the day. Goldman Sachs’ preferreds traded in the afternoon about 2 cents to 12 cents higher.

The company’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock (NYSE: GSPrJ) improved 2 cents, or 0.08%, to $26.26 by the end of the day on about 81,000 shares traded.

JPMorgan Chase’s preferred stocks also were mostly better.

The company’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) gained 2 cents, or 0.07%, to $26.92 on about 181,000 shares traded.

JPMorgan Chase’s 6% series EE non-cumulative preferred stock (NYSE: JPMPrC) also added 2 cents, or 0.07%, to $27.22 on trading volume of about 201,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.