JPMorgan, Morgan Stanley lead preferred market upward; Public Storage flat; Carlyle up

By James McCandless

San Antonio, Oct. 29 – The preferred market started the new week largely positive, staying positive as the broader equity markets saw a late decline.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose, leading secondary trading.

Elsewhere in financial trading, Morgan Stanley’s 5.85% series K fixed-to-floating rate preferreds and Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock added to the day’s gains.

Meanwhile, Public Storage’s 6.375% series Y cumulative preferreds, while gaining in intraday trading, ended flat.

Investment company Carlyle Group LP’s 5.875% series A non-cumulative preferred units gained.

JPMorgan improves

Trading at the top of secondary activity, JPMorgan’s 5.75% series DD non-cumulative preferred stock rose on Monday.

The preferreds (NYSE: JPMPrD) were up 8 cents to close at $25.09 on volume of about 1 million shares.

On Friday, the preferreds gained 3 cents.

Also making improvements was Morgan Stanley’s 5.85% series K fixed-to-floating rate preferred stock.

The preferreds (NYSE: MSPrK) were up 32 cents to close at $25.41 with about 381,000 shares trading.

Meanwhile, Bank of America’s 5.875% series HH non-cumulative preferred stock also saw positive trading.

The preferreds (NYSE: BACPrK) were up 6 cents to $24.81 on volume of about 262,000 shares.

On Friday, the preferreds added 1 cent.

Public Storage flat

Public Storage’s 6.375% series Y cumulative preferreds, while gaining during Monday trading, ended level at the close.

The preferreds (NYSE: PSAPrY) were unchanged at $25.47 after reaching as high as $25.54 in the afternoon with about 778,000 shares trading.

Carlyle Group up

Small and middle market investment company Carlyle Group’s 5.875% series A non-cumulative preferred units rose.

The preferreds (Nasdaq: TCGP) were up 19 cents to close at $22.22 on volume of about 334,000 shares.

Indexes

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.18% at the close after rising 0.16% in early trading Monday.

The iShares US Preferred Stock ETF was up 3 cents to $36.13.

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