Southern California Edison improves; Cherry Hill preferreds below par; AmTrust declines

By James McCandless

San Antonio, Feb. 5 – The Tuesday session saw mixed results for the preferred space.

Leading trading volume, Southern California Edison, a subsidiary of Edison International, saw its 5% trust preferred securities improve.

The preferreds (NYSE: SCEPrL) gained 16 cents to close at $18.64 on volume of about 1.1 million shares.

On Monday, the preferreds dropped 37 cents.

Meanwhile, real estate investment trust Cherry Hill Mortgage Investment Corp.’s new $45 million series B fixed-to-floating rate cumulative redeemable preferreds closed below par.

The preferreds, trading under the temporary symbol “CRYIP,” was spotted ending at $24.79 with about 1 million shares trading.

The deal priced on Monday.

Sector peer Hersha Hospitality Trust’s 6.5% series E cumulative redeemable preferred shares jumped up.

The preferreds (NYSE: HTPrE) were up 27 cents to close at $21.12 on volume of about 540,000 shares.

Insurer AmTrust Financial Services, Inc.’s 7.5% series D non-cumulative preferred stock fell.

The preferreds (NYSE: AFSIPrD) lost 15 cents to close at $9.15 with about 599,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also lower on the day.

The preferreds (NYSE: JPMPrD) were down 3 cents to close at $25.01 on volume of about 570,000 shares.

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