Energy Transfer preferreds active, lower; KeyCorp falls, JPMorgan mixed, AGNC slips

By James McCandless

San Antonio, May 6 – Broad declines marred the preferred space at the start of a new week.

Leading volume, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended lower.

Elsewhere, in finance, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds also fell.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved slightly.

JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds were mixed by the session’s end.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock slipped.

Energy Transfer lower

Leading Monday’s trading volume, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended the session lower.

The preferreds (NYSE: ETPPrE) were down 4 cents to close at $24.81 on volume of about 691,000 shares trading.

On Friday, the preferreds were level.

KeyCorp falls

Elsewhere, in the finance space, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds also fell.

The preferreds (NYSE: KEYPrK) lost 5 cents to close at $25.08 with about 177,000 shares trading.

On Friday, the preferreds gained 9 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished slightly better.

The preferreds (NYSE: ALLYPrA) picked up 1 cent to close at $26.40 on volume of about 172,000 shares.

On Friday, the preferreds rose 2 cents.

JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds closed the day mixed.

The series EE preferreds (NYSE: JPMPrC) were down 1 cent to close at $26.40 with about 150,000 shares trading.

The series DD preferreds (NYSE: JPMPrD) were up 1 cent to close at $26.21 with about 147,000 shares trading.

AGNC slips

Meanwhile, AGNC’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock traded lower.

The preferreds (Nasdaq: AGNCM) dropped 2 cents to close at $25.12 on volume of about 129,000 shares.

Indexes up

Despite the broad downward trend among the most active preferreds, the Wells Fargo Hybrid & Preferred Securities Financial index ended up by 0.01%, climbing back from a 0.19% drop in early Monday trading.

The iShares US Preferred Stock ETF was up 1 cent to $36.50.

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