JPMorgan trends lower; NiSource’s recent preferred shares improve; NuStar Energy rises

By James McCandless

San Antonio, Dec. 4 – Preferred trading was mixed among high-volume movers on Tuesday as the broader equity markets closed sharply lower.

Leading activity in the preferred space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds saw a decline.

Elsewhere in finance, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also moved lower.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds rose.

In utilities, NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock improved.

In the energy space, NuStar Energy LP’s 8.5% series A fixed-to-floating rate cumulative preferreds were also higher.

JPMorgan lower

At the top of the secondary space, JPMorgan’s 5.75% series DD non-cumulative preferreds were declining in the Tuesday session.

The preferreds (NYSE: JPMPrD) sank 24 cents to close at $24.52 on volume of about 671,000 shares.

On Monday, the preferreds gained 3 cents.

Elsewhere in the finance space, Bank of America’s 5.875% series HH non-cumulative preferred stock also fell.

The preferreds (NYSE: BACPrK) traded lower by 14 cents to close at $24.06 with about 628,000 shares trading.

On Monday, the preferreds lost 5 cents.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds moved higher.

The preferreds (NYSE: MSPrK) gained 11 cents to close at $24.77 on volume of about 571,000 shares.

NiSource gains

Meanwhile, in utilities, NiSource’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock saw a positive trend.

The preferreds, trading under the temporary symbol “NISOP,” were up 9 cents to close at $24.84 with about 664,000 shares trading.

On Monday, the preferreds lost 10 cents.

NuStar rises

In the energy space, NuStar’s 8.5% series A fixed-to-floating rate cumulative preferreds improved in Tuesday trading.

The preferreds (NYSE: NSPrA) picked up 4 cents to close at $21.39 on volume of about 278,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.24% at the end of the session, extending a 0.14% early trading loss.

The iShares US Preferred Stock ETF was down 15 cents to $34.87.

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