Morning Commentary: JPMorgan preferreds open flat; Compass jumps; MetLife improves

By James McCandless

San Antonio, Jan. 25 – A modest start near the end of a short week in the preferred space saw the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.49%.

At the top of activity, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock was flat at the open.

The preferreds, trading under the temporary symbol “JPEEL,” were level at $25.33 on volume of about 160,000 shares.

Elsewhere in finance, Citizens Financial Group, Inc.’s new $300 million series D fixed-to-floating rate non-cumulative perpetual preferreds were on the rise.

The preferreds, trading under the temporary symbol “CFGLL,” were gaining 9 cents to $25.35 with about 101,000 shares trading.

Meanwhile, in the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferred stock began Friday better.

The preferreds (NYSE: METPrE) started higher by 6 cents to $24.97 with about 107,000 shares trading.

Middle market investment name Compass Diversified Holdings LLC’s 7.25% series A non-cumulative preferreds saw a boost early in the session.

The preferreds (NYSE: CODIPrA) were up $1.05 to $18.95 on volume of about 96,000 shares.

Real estate investment trust Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferred stock was positive in early trading.

The preferreds (NYSE: DLRPrH) were up 4 cents to $25.33 on volume of about 41,000 shares.

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