Morning Commentary: Just Energy preferreds jump; Truist trades higher; AT&T declines

By James McCandless

San Antonio, Aug. 28 – The preferred market maintained a positive trend early Friday as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.07%.

Leading the morning’s secondary trading, utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares were pushing higher.

The preferreds (NYSE: JEPrA) were up 77 cents to $1.97 on volume of about 231,000 shares.

On Friday morning, the company reported earnings per share of 43 cents and revenue of $593.13 million.

The company also announced the approval of a recapitalization plan on Thursday.

Elsewhere, in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was tracking upward.

The preferreds (NYSE: TFCPrR) were tacking on 7 cents to $26.52 with about 48,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds also joined the positive trend.

The preferreds (NYSE: COFPrJ) were improving by 2 cents to $24.17 on volume of about 34,000 shares.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were on the rise.

The preferreds (NYSE: WFCPrZ) were picking up 7 cents to $24.96 with about 32,000 shares trading.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was declining as the morning started.

The preferreds (NYSE: TPrC) were off 2 cents to $25.51 on volume of about 39,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.