Morning Commentary: JPMorgan preferreds diverge; MetLife declines; SoCal Edison higher

By James McCandless

San Antonio, Jan. 13 – As the preferred space started a new week, the Wells Fargo Hybrid & Preferred Securities Financial index began with a 0.01% gain.

Leading early activity in the secondary, JPMorgan Chase & Co.’s 4.75% series GG and 5.75% series DD non-cumulative preferred stock were moving in different directions.

The series GG preferreds (NYSE: JPMPrJ) were down 1 cent to $25.75 on volume of about 100,000 shares.

The series DD preferreds (NYSE: JPMPrD) were up 6 cents to $27.62 on volume of about 22,000 shares.

Meanwhile, insurance provider MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock was declining at Monday’s open.

The preferreds, trading under the temporary symbol “METFL,” were off 3 cents to $25.32 with about 89,000 shares trading.

In the utilities space, Southern California Edison, subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating trust preferred securities shift higher.

The preferreds (NYSE: SCEPrH) were adding 4 cents to $24.84 on volume of about 28,000 shares.

Real estate investment trust Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were relatively active but unchanged so far.

The preferreds (NYSE: MNRPrC) were level at $25.04 with about 21,000 shares trading.

Elsewhere, rental name Triton International Ltd.’s 7.375% series C cumulative redeemable perpetual preference shares were diving.

The preferreds (NYSE: TRTNPrC) were falling 21 cents to $26.26 on volume of about 20,000 shares.

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