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JPMorgan preferreds rise; National Retail better; Allstate moves upward
By James McCandless
San Antonio, July 23 – In the second half of the week, the preferred market continued to move along a positive trend.
At the top of the secondary market, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock rose.
Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock gained ground.
REIT National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferreds ended the afternoon in a better position.
Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock moved upward.
Telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was seen improving at the end of the afternoon.
JPMorgan rises
At the top of the Thursday secondary market, JPMorgan’s 4.75% series GG non-cumulative preferred stock rose to higher levels.
The preferreds (NYSE: JPMPrJ) were up 26 cents to close at $26.78 on volume of about 372,000 shares.
Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock gained ground.
The preferreds (NYSE: BACPrN) gained 7 cents to close at $26.38 with about 297,000 shares trading.
National Retail better
Real estate investment trust National Retail’s 5.2% series F cumulative redeemable preferreds ended the afternoon in a better position.
The preferreds (NYSE: NNNPrF) picked up 12 cents to close at $25.12 on volume of about 274,000 shares.
Allstate gains
Meanwhile, insurance name Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock moved upward.
The preferreds (NYSE: ALLPrH) gained 3 cents to close at $26.59 with about 271,000 shares trading.
AT&T improves
Telecom giant AT&T’s 4.75% series C perpetual preferred stock was seen improving at the end of the afternoon.
The preferreds (NYSE: TPrC) tacked on 13 cents to close at $24.62 on volume of about 239,000 shares trading.
On Wednesday, the preferreds shed 2 cents.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.42%, wider than the 0.19% push from early Thursday trading.
The iShares US Preferred Stock ETF was up 6 cents to $35.69.
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