Morning Commentary: Cherry Hill preferreds rise; JPMorgan lower; AmTrust Financial dips

By James McCandless

San Antonio, Feb. 7 – The preferred market’s negative tone continued into Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index opened down 0.16%.

Leading the secondary market, real estate investment trust Cherry Hill Mortgage Investment Corp.’s recent 8.25% series B fixed-to-floating rate cumulative redeemable preferred stock was on the rise early in the session.

The preferreds, trading under the temporary symbol “CRYIP,” were up 9 cents to $24.89 on volume of about 117,000 shares.

Elsewhere, in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were moving lower.

The preferreds (NYSE: GSPrD) started off lower by 8 cents to $18.26 with about 73,000 shares trading.

Meanwhile, sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also negative.

The preferreds (NYSE: JPMPrD) were down 3 cents to $24.99 on volume of about 45,000 shares.

BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock started the day in decline.

The preferreds (NYSE: BBTPrD) were down 21 cents to $25.27 with about 32,000 shares trading.

Early Thursday, the bank announced that it would be merging with SunTrust Banks in a $66 billion deal.

Insurer AmTrust Financial Services, Inc.’s 7.5% series D non-cumulative preferred stock was diving early Thursday.

The preferreds (NYSE: AFSIPrD) dropped 55 cents to $9.65 on volume of about 61,000 shares.

The company’s preferred structure was scheduled to be delisted and deregistered on Thursday.

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