Cherry Hill Mortgage prices preferreds; JPMorgan rises; AmTrust preferreds improve

By James McCandless

San Antonio, Feb. 4 – The preferred space ended Monday slightly positive as the primary space saw a new deal.

Cherry Hill Mortgage Investment Corp. priced $45 million of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock at par with an initial dividend of 8.25%. There is a $6.75 million greenshoe.

The dividend is fixed until April 15, 2024, then converts to a floating rate of Libor plus a 563.1 basis points.

In the secondary, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock rose.

The preferreds (NYSE: JPMPrC) were up 6 cents to close at $25.67 on volume of about 681,000 shares.

In insurance, AmTrust Financial Services, Inc.’s 7.75% series E and 7.5% series D non-cumulative preferred shares were better.

The 7.75% preferreds (NYSE: AFSIPrE) picked up 5 cents to close at $9.20 on volume of about 620,000 shares.

The 7.5% preferreds (NYSE: AFSIPrD) jumped up 50 cents to close at $9.30 on volume of about 511,000 shares.

Real estate investment trust American Homes 4 Rent’s 6.5% series D cumulative redeemable perpetual preferred shares (NYSE: AMHPrD) were down 22 cents to close at $23.98.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.