JPMorgan slips; American Homes preferreds better; Qwest $25-par notes gain

By James McCandless

San Antonio, Oct. 14 – The Wednesday activity in the preferred space was marked by uneven movements with a downward trend.

Leading the midweek secondary space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock slipped.

Also in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was under water.

Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferreds finished the afternoon trailing.

REIT American Homes 4 Rent’s 6.5% series D cumulative perpetual preferred shares ended in a better position.

Meanwhile, communications company Qwest Corp.’s 6.5% notes due 2056 gained throughout the session.

JPMorgan slips

Leading the midweek secondary trading space, JPMorgan’s 6% series EE non-cumulative preferred stock slipped lower.

The preferreds (NYSE: JPMPrC) were down 2 cents to close at $28.02 on volume of about 425,000 shares.

Also in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock was under water.

The preferreds (NYSE: WFCPrZ) declined by 1 cent to close at $25.43 with about 386,000 shares trading.

On Tuesday, the preferreds garnered 10 cents.

Sector peer Bank of America’s 6% series GG non-cumulative preferreds finished the afternoon trailing.

The preferreds (NYSE: BACPrB) dropped 13 cents to close at $27.67 on volume of about 241,000 shares.

American Homes better

Real estate investment trust American Homes’ 6.5% series D cumulative perpetual preferred shares ended the day in a better position.

The preferreds (NYSE: AMHPrD) picked up 4 cents to close at $25.66 with about 150,000 shares trading.

Qwest gains

Meanwhile, communications company Qwest’s 6.5% notes due 2056 gained throughout the afternoon, ending the session rising.

The notes (NYSE: CTBB) tacked on 1 cent to close at $25.49 on volume of about 131,000 notes.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day lower by 0.26%, widening a 0.04% dip from early Wednesday trading.

The iShares US Preferred Stock ETF was down 9 cents to $36.90.

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