JPMorgan, Bank of America preferred shares plummet as session ends; Seaspan improves

By James McCandless

San Antonio, Oct. 19 – The preferred market closed the week with active trading as some of the more liquid financial names posted large declines in the secondary space.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock continued to drop and was a volume-leader in the secondary market.

The preferreds (NYSE: JPMPrD) were down 51 cents to close at $24.50 on volume of about 5.3 million shares.

Elsewhere in financial trading, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also declined, while U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferreds saw a slight gain.

Bank of America’s 5.875% preferreds (NYSE: BACPrK) were down 45 cents to close at $24.52 with about 3 million shares trading, and U.S. Bancorp’s 5.5% preferreds (NYSE: USBPrP) were up 1 cent to close at $24.25 on volume of about 3 million shares.

In the shipping space, Seaspan Corp.’s 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares improved.

The preferreds (NYSE: SSWPrI) were up 22 cents to close at $25.24 with about 823,000 shares trading.

Meanwhile, real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock fell.

The preferreds (NYSE: UMHPrC) were down 68 cents to close at $22.44 on volume of about 775,000 shares.

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