JPMorgan’s preferreds gain; Hartford exercises greenshoe, declines; AT&T’s $25-pars up

By James McCandless

San Antonio, Nov. 5 – A new week in preferred trading saw focus turn to financial names.

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

The preferreds (NYSE: JPMPrD) edged up 1 cent to close at $24.77 on volume of about 972,000 shares.

In other financial trading, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds fell.

The preferreds (NYSE: MSPrK) were down 6 cents to close at $24.96 with about 205,000 shares trading.

Bank of America’s 5.875% series HH non-cumulative preferred stock improved.

The preferreds (NYSE: BACPrK) were up 1 cent to close at $24.81 on volume of about 183,000 shares.

In the insurance space, Hartford Financial Services Group, Inc.’s 6% series G non-cumulative perpetual preferred stock declined after its $45 million greenshoe was exercised, lifting the issue to $345 million.

The preferreds, trading under the temporary symbol “HIGJL,” were down 2 cents to $25.13 with about 323,000 shares trading.

Elsewhere, telecom operator AT&T, Inc.’s 5.35% global notes due 2066 gained.

The notes (NYSE: TBB) were up 7 cents to close at $23.53 on volume of about 108,000 notes.

On Friday, the notes lost 18 cents.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.11% at the end of the session.

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