Energy Transfer preferreds better; Ally Financial gains; SoCal Edison takes step lower

By James McCandless

San Antonio, May 1 – The preferred space shot up in the Wednesday session, though top-trading securities closed mixed.

The Wells Fargo Hybrid & Preferred Securities Financial index was up by 0.38% by the close, more than doubling the 0.17% jump in early Wednesday trading.

The iShares US Preferred Stock ETF was up 8 cents to $36.70.

Leading secondary trading volume, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units finished slightly positive.

Meanwhile, in finance, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also moved upward.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds also trended higher.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities decline.

Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was also pushed lower.

Energy Transfer edges higher

Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units finished the session with a slight positive gain.

The preferreds (NYSE: ETPPrE) were up 1 cent to close at $24.88 on volume of about 467,000 shares.

Ally Financial gains

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also moved upward in Wednesday trading.

The preferreds (NYSE: ALLYPrA) rose 6 cents to close at $26.36 with about 419,000 shares trading.

Also, JPMorgan’s 6% series EE non-cumulative preferreds improved.

The preferreds (NYSE: JPMPrE) picked up 22 cents to close at $26.41 on volume of about 294,000 shares.

SoCal Edison off

Elsewhere, in utilities, Southern California Edison’s 5% cumulative trust preference securities saw a decline.

The preferreds (NYSE: SCEPrL) dropped 12 cents to close at $21.63 with about 285,000 shares trading.

After the close on Tuesday, parent company Edison International reported a 63 cents per share profit for the first quarter.

Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was also dragged downward.

The preferreds (NYSE: DUKPrA) fell 5 cents to close at $25.97 on volume of about 264,000 shares.

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