Morning Commentary: JPMorgan preferreds better; Triton improves; Gabelli edges higher

By James McCandless

San Antonio, June 19 – Top traders in the preferred market were on the rise early Wednesday even as the broader market was slightly negative.

The Wells Fargo Hybrid & Preferred Securities Financial index was down by 0.05%.

Leading early activity, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were better at the start of the session.

The preferreds (NYSE: JPMPrC) were up 8 cents to $27.15 on volume of about 119,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 6.625% series W non-cumulative preferreds were also pushing upward.

The preferreds (NYSE: BACPrW) added 7 cents to $25.49 with about 69,000 shares trading.

Sector peer KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock followed the positive trend.

The preferreds (NYSE: KEYPrJ) were higher by 4 cents to $25.72 on volume of about 37,000 shares.

Elsewhere, shipping name Triton International Ltd.’s new 8% series B cumulative redeemable perpetual preference shares were improving.

The preferreds, trading under the temporary symbol “TTONF,” gained 8 cents to $24.98 with about 32,000 shares trading.

Closed-end mutual fund Gabelli Dividend & Income Trust’s 5.375% series H cumulative preferreds were slightly positive.

The preferreds (NYSE: GDVPrH) were up 1 cent to $25.32 on volume of about 19,000 shares.

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