JPMorgan preferreds decline; Annaly Capital dives; Chimera weaker

By James McCandless

San Antonio, May 1 – At the end of a predominately positive week, the preferred market finished with a negative push.

At the top of the secondary, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock declined.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also trailing.

Sector peer Citigroup Capital XIII’s 7.785% fixed-to-floating rate trust preferred securities improved, bucking the trend.

Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds dived.

Meanwhile, REIT Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock weakened.

JPMorgan off

At the top of the secondary, JPMorgan’s 4.75% series GG non-cumulative preferred stock declined at the end of the session.

The preferreds (NYSE: JPMPrJ) were down 10 cents to close at $24.80 on volume of about 339,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also trailing.

The preferreds (NYSE: ALLYPrA) shed by 41 cents to close at $22.14 with about 233,000 shares trading.

On Thursday, the preferreds shed 45 cents.

Sector peer Citigroup’s 7.785% fixed-to-floating rate trust preferred securities improved, bucking the prevailing trend.

The preferreds (NYSE: CPrN) gained 9 cents to close at $26.86 on volume of about 205,000 shares.

Annaly dives

Asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds dived as the afternoon came to a close.

The preferreds (NYSE: NLYPrF) dived 80 cents to close at $21.72 with about 218,000 shares trading.

Chimera weak

Meanwhile, real estate investment trust Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock weakened.

The preferreds (NYSE: CIMPrB) shifted down 54 cents to close at $17.18 on volume of about 190,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week down by 0.45%, narrower than the 0.52% dip in early Friday trading.

The iShares US Preferred Stock ETF was down 52 cents to $33.96.

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