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Preferreds soften; JPMorgan flat; Associated Banc-Corp up; Dynagas, DCP Midstream dip
By Cristal Cody
Tupelo, Miss., Oct. 23 – Preferred stocks closed mostly weaker as equities remained soft amid continued market volatility on Tuesday.
The Wells Fargo Hybrid and Preferred Securities index, which was down 0.39% at the start of the day, ended 0.22% lower.
The U.S. iShares Preferred Stock ETF recovered slightly to close off 0.30%. the iShares was 0.45% lower in early trading.
New issue preferreds were mixed in secondary trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) closed unchanged from Monday at $24.83. The average trading volume was 2.38 million shares.
JPMorgan sold $1.7 billion of the $25-par perpetual preferred shares on Sept. 17.
Associated Banc-Corp’s 5.875% series E non-cumulative perpetual preferred stock (Baa3/BB) that priced in September gained 21 cents, or 0.86%, to close at $24.09 on Tuesday. The average trading volume for the shares (NYSE: ASBPrE) was about 164,000 shares.
Meanwhile, Dynagas LNG Partners LP’s new 8.75% series B fixed-to-floating rate perpetual preferreds recovered slightly from morning trading to close down 2 cents, or 0.8%, to $24.68. The preferreds trade under the temporary symbol “DGAGF.”
Separately, DCP Midstream, LP’s 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (B1/B/BB-) (NYSE: DCPPrC) that priced earlier this month fell 27 cents, or 1.08%, to $24.55.
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