JPMorgan preferreds mixed; Southern California Edison jumps; Maiden Holdings rises

By James McCandless

San Antonio, Feb. 13 – The preferred market extended a positive streak to three days on Wednesday.

Leading trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock and its 6% series EE non-cumulative preferred stock were mixed.

Elsewhere in finance, KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferreds were on the rise.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock closed slightly better.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities and its 5.375% fixed-to-floating rate trust preferred securities both improve.

Meanwhile, insurer Maiden Holdings Ltd.’s 7.75% notes due 2043 joined the positive trend.

JPMorgan mixed

Leading in secondary activity, JPMorgan’s 5.75% series DD non-cumulative preferred stock and its 6% series EE non-cumulative preferred stock ended the session mixed.

The series DD preferreds (NYSE: JPMPrD) lost 3 cents to close at $25.23 on volume of about 1.2 million shares.

On Tuesday, the preferreds gained 8 cents.

The series EE preferreds (NYSE: JPMPrC) rose 10 cents to close at $25.93 on volume of about 486,000 shares.

On Tuesday, the preferreds picked up 15 cents.

Elsewhere in the finance space, KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferreds were rising.

The preferreds (NYSE: KEYPrJ) added 17 cents to close at $24.53 with about 646,000 shares trading.

Goldman Sachs’ series D floating-rate non-cumulative preferred stock ended the session slightly better.

The preferreds (NYSE: GSPrD) were up 2 cents to close at $18.84 on volume of about 248,000 shares.

On Tuesday, the preferreds jumped up 36 cents.

SoCal Edison jumps

Elsewhere, in utilities, Southern California Edison’s 5% cumulative trust preferred securities and its 5.375% fixed-to-floating rate trust preferred securities were both moving upward.

The 5% preferreds (NYSE: SCEPrL) saw a 51 cent boost to close at $20.51 with about 619,000 shares trading.

On Tuesday, the preferreds added 23 cents.

The 5.375% preferreds (NYSE: SCEPrJ) rose 63 cents to close at $21.96 with about 606,000 shares trading.

Maiden gains

Insurer Maiden Holdings’ 7.75% notes due 2043 followed the day’s positive trend.

The notes (NYSE: MHNC) gained 23 cents to close at $18.86 on volume of about 252,000 notes.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.32% by the end of the session, moving higher from the 0.19% increase early Wednesday.

The iShares US Preferred Stock ETF was up 7 cents to $35.99.

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