Southern California Edison preference shares higher; JPMorgan improves; Triton better

By James McCandless

San Antonio, June 19 – The preferred market saw another upward shift by the end of Wednesday’s session.

Leading trading activity, Southern California Edison, a subsidiary of Edison International, saw its 5% trust preference securities head higher.

The preferreds (NYSE: SCEPrL) were up 18 cents to close at $20.97 on volume of about 2 million shares.

Elsewhere, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds saw an improvement by the close.

The preferreds (NYSE: JPMPrC) added 7 cents to close at $27.14 with about 331,000 shares trading.

Sector peer Bank of America Corp.’s 6.625% series W non-cumulative preferred stock saw a slight gain.

The preferreds (NYSE: BACPrW) picked up 2 cents to close at $25.44 on volume of about 272,000 shares.

Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds (NYSE: WFCPrR) lost 2 cents to close at $28.69.

Shipping name Triton International Ltd.’s new 8% series B cumulative redeemable perpetual preference shares saw a positive push.

The preferreds, trading under the temporary symbol “TTONF,” jumped up 26 cents to close at $25.16.

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day down by 0.11.

The iShares US Preferred Stock ETF was up 7 cents to $37.03.

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