JPMorgan’s preferreds improve; NiSource moves higher; NuStar Energy preferreds decline

By James McCandless

San Antonio, Dec. 10 – Preferreds were mixed in light trading on Monday as the broader equity markets remained volatile.

Leading the secondary was JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds, which improved.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds and its 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were mixed again.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.

Utilities name NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock gained.

In energy, NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative perpetual preferreds traded down.

JPMorgan improves

Leading secondary trading volume, JPMorgan’s 5.75% series DD non-cumulative preferreds improved in Monday’s session.

The preferreds (NYSE: JPMPrD) were up 4 cents to close at $24.69 on volume of about 478,000 shares.

On Friday, the preferreds rose 10 cents.

Elsewhere in the finance space, Goldman Sachs’ series D floating-rate non-cumulative preferreds and its 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds traded mixed again.

The series D preferreds (NYSE: GSPrD) picked up 11 cents to close at $18.48 with about 411,000 shares trading.

On Friday, the series D preferreds lost 18 cents.

The series J preferreds (NYSE: GSPrJ) were level at $24.28 with about 345,000 shares trading.

On Friday, the series J preferreds picked up 16 cents.

Bank of America’s 5.875% series HH non-cumulative preferred stock trended negative in the session.

The preferreds (NYSE: BACPrK) fell 3 cents to close at $24.04 on volume of about 338,000 shares.

On Friday, the preferreds gained 9 cents.

NiSource up

Meanwhile, in utilities, NiSource’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock saw gains.

The preferreds, trading under the temporary symbol “NISOP,” picked up 5 cents to close at $24.95 with about 273,000 shares trading.

On Friday, the preferreds added 18 cents.

NuStar lower

In the energy space, NuStar’s 7.625% series B fixed-to-floating rate cumulative perpetual preferreds were lower.

The preferreds (NYSE: NSPrB) were down 3 cents to close at $18.89 on volume of about 235,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01%, climbing back from a 0.56% drop at the start of the session.

The iShares US Preferred Stock ETF was level at $34.75.

© 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.