Citizens Financial preferreds close above par; SoCal Edison declines; AmTrust sinks

By James McCandless

San Antonio, Jan. 23 – A volatile Wednesday in overall trading yielded similar results in the preferred space.

Leading trading, Citizens Financial Group, Inc.’s new $300 million 6.35% series D fixed-to-floating rate non-cumulative perpetual preferred stock closed above par.

The preferreds, trading under the temporary symbol “CFGLL,” were spotted ending at $25.25 on volume of about 2.7 million shares.

Elsewhere in finance, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were both seen improving Wednesday.

The 6% preferreds, trading under the temporary symbol “JPEEL,” were up 5 cents to close at $25.20 with about 1.4 million shares trading.

The 5.75% preferreds (NYSE: JPMPrD) picked up 3 cents to close at $25.05 with about 332,000 shares trading.

Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities (NYSE: SCEPrL) decline 5 cents to close at $17.80 with about 632,000 shares trading.

Meanwhile, AmTrust Financial Services, Inc.’s 6.95% series F and 7.75% series E non-cumulative preferred stocks continued to fall.

The 6.95% preferreds (NYSE: AFSIPrF) were down 93 cents to close at $8.01 on volume of about 630,000 shares.

The 7.75% preferreds (NYSE: AFSIPrE) were down $1.01 to close at $8.84 on volume of about 424,000 shares.

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