Morning Commentary: New Residential preferreds better; Allstate weaker; Merchants drops

By James McCandless

San Antonio, Aug. 23 – Top movers in the preferred market were little changed early Friday as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.02%.

At the top of early secondary activity, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds strengthened.

The preferreds (NYSE: NRZPrB) were up 2 cents to $25.02 on volume of about 70,000 shares.

In the insurance space, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock opened slightly lower.

The preferreds (NYSE: ALLPrH) were off 1 cent to $25.94 with about 43,000 shares trading.

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares were also dropping.

The preferreds (NYSE: AHLPrE) declined by 11 cents to $25.57 on volume of about 22,000 shares.

In finance, Merchants Bancorp’s 6% fixed-to-floating rate non-cumulative perpetual preferred stock also started negatively.

The preferreds (Nasdaq: MBINO) were down 5 cents to $25.61 with about 36,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were on the rise as the session began.

The preferreds (NYSE: JPMPrC) gained 7 cents to $28.12 on volume of about 28,000 shares.

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