Bank of America’s preferreds decline; Edison International moves lower; Hartford down

By James McCandless

San Antonio, Nov. 20 – The preferred market kept up the negative trend in Tuesday’s session.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was a volume leader as it edged lower.

The preferreds (NYSE: JPMPrD) were down 1 cent to close at $24.44 on volume of about 620,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds declined.

The preferreds (NYSE: BACPrK) were down 17 cents to close at $24.29 with about 441,000 shares trading.

Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds and its floating-rate non-cumulative preferreds also fell.

The 5.5% preferreds (NYSE: GSPrJ) declined 5 cents to close at $24.45 on volume of about 396,000 shares.

The floating-rate preferreds (NYSE: GSPrD) sank 28 cents to close at $20.28 on volume of about 283,000 shares.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferred securities continue to drop.

The preferreds (NYSE: SCEPrL) were down 15 cents to close at $18.48 with about 265,000 shares trading.

Meanwhile, the Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds also declined.

The preferreds (NYSE: HIGPrG) were down 5 cents to close at $24.85 on volume of about 232,000 shares.

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