AmTrust drops on delisting deadline; JPMorgan preferreds flat; Public Storage lower

By James McCandless

San Antonio, Feb. 7 – The overall preferred market trended negative as top traders saw mixed results.

Leading trading, AmTrust Financial Services, Inc.’s 6.95% series F non-cumulative preferred stock dropped.

The preferreds (NYSE: AFSIPrF) declined 55 cents to $9.50 on volume of about 4.7 million shares.

Thursday was the deadline for the company to voluntarily delist and deregister its preferred structure.

The company announced the decision in January when it said the costs of maintaining the securities outweighed the benefits.

Elsewhere, in finance, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock barely moved in active trading.

Real estate investment trust Public Storage’s 5.05% series G cumulative preferreds were worse at the close.

Sector peer Cherry Hill Mortgage Investment Corp.’s recent 8.25% series B fixed-to-floating rate cumulative redeemable preferred stock was slightly better.

Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities receive a boost.

JPMorgan flat

JPMorgan’s recent 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were little moved.

The series EE preferreds (NYSE: JPMPrC) were down 1 cent to close at $25.66 with about 460,000 shares trading.

On Wednesday, the preferreds lost 11 cents.

The series DD preferreds (NYSE: JPMPrD) added 1 cent to close at $25.03 with about 411,000 shares trading.

On Wednesday, the preferreds rose 1 cent.

Public Storage off

Meanwhile, real estate investment trust Public Storage’s 5.05% series G cumulative preferreds took a negative track.

The preferreds (NYSE: PSAPrG) fell 14 cents to close at $22.79 on volume of about 296,000 shares.

Sector peer Cherry Hill’s recent 8.25% series B fixed-to-floating rate cumulative redeemable preferred stock ended slightly better.

The preferreds, trading under the temporary symbol “CRYIP,” were up 2 cents to close at $24.82 with about 267,000 shares trading.

SoCal Edison rises

Utilities name Southern California Edison’s 5% cumulative trust preferreds received a boost.

The preferreds (NYSE: SCEPrL) picked up 43 cents to close at $19.15 on volume of about 287,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.18%, hovering around a 0.16% decline from the open.

The iShares US Preferred Stock ETF was down 20 cents to $35.58.

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