Spire perpetual preferreds top par; JPMorgan, Ally improve; Brookfield Property jumps

By James McCandless

San Antonio, May 15 – Preferreds generally pushed upward in Wednesday trading.

On its first day, Spire Inc.’s new $250 million 5.9% series A cumulative redeemable perpetual preferred stock finished above par.

The preferreds, trading under the temporary symbol “SIPRY,” were seen closing above par at $25.70 on volume of about 1.1 million shares.

Elsewhere, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock followed the positive trend.

The preferreds (NYSE: JPMPrC) were up 5 cents to close at $26.45 with about 363,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw a slight gain.

The preferreds (NYSE: ALLYPrA) were up 1 cent to close at $25.91 on volume of about 205,000 shares.

KeyCorp’s 6.625% series G fixed-rate perpetual non-cumulative preferreds also pushed upward.

The preferreds (NYSE: KEYPrK) rose 5 cents to close at $25.10 with about 181,000 shares trading.

Real estate name Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units jumped up.

The preferreds (Nasdaq: BPYPP) gained 13 cents to close at $25.13 on volume of about 310,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.26% at the close.

The iShares US Preferred Stock ETF was up 11 cents to $36.59.

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