Goldman Sachs improves; Southern California Edison preferreds rise; MetLife declines

By James McCandless

San Antonio, Feb. 12 – Tuesday saw the preferred market carrying over the positive momentum that started Monday.

At the top of trading, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock improved.

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

However, Wells Fargo & Co.’s 5.625% series Y non-cumulative perpetual class A preferreds saw a decline.

Meanwhile, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities and its 5.75% fixed-to-floating rate trust preferred securities rise.

Insurer MetLife, Inc.’s 5.625% series E non-cumulative preferred stock declined.

Goldman improves

At the top of preferred trading, Goldman Sachs’ series D floating-rate non-cumulative preferred stock improved in Tuesday’s session.

The preferreds (NYSE: GSPrD) rose 36 cents to close at $18.82 on volume of about 456,000 shares.

On Monday, the preferreds added 11 cents.

Elsewhere in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were both climbing.

The series EE preferreds (NYSE: JPMPrC) were up 15 cents to close at $25.83 with about 400,000 shares trading.

On Monday, the preferreds gained 5 cents.

The series DD preferreds (NYSE: JPMPrD) added 8 cents to close at $25.26 with about 299,000 shares trading.

On Monday, the preferreds rose 2 cents.

Wells Fargo’s 5.625% series Y non-cumulative perpetual class A preferreds went against the day’s trend and declined.

The preferreds (NYSE: WFCPrY) fell 16 cents to close at $25.00 on volume of about 321,000 shares.

SoCal Edison rises

Meanwhile, in the utilities space, Southern California Edison’s 5% cumulative trust preferred securities and its 5.75% fixed-to-floating rate trust preferred securities were on the rise in Tuesday trading.

The 5% securities (NYSE: SCEPrL) picked up 23 cents to close at $23.00 with about 415,000 shares trading.

The 5.75% securities (NYSE: SCEPrH) gained 14 cents to close at $22.44 with about 342,000 shares trading.

MetLife down

Insurance name MetLife’s 5.625% series E non-cumulative preferred stock took a negative track despite the broader market gain.

The preferreds (NYSE: METPrE) lost 10 cents to close at $25.01 on volume of about 239,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.32% by Tuesday’s close, seeing a sharp rise after opening 0.14% higher in early trading.

The iShares US Preferred Stock ETF was up 26 cents to $35.92.

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