SPDR S&P Bank ETF (NYSEARCA:KBE) Hits New 1-Year High – Still a Buy?

SPDR S&P Bank ETF (NYSEARCA:KBE)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $68.11 and last traded at $68.00, with a volume of 166781 shares. The stock had previously closed at $67.49.

SPDR S&P Bank ETF Trading Up 1.5%

The firm’s fifty day simple moving average is $64.13 and its 200 day simple moving average is $62.84. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 12.60 and a beta of 0.90.

Hedge Funds Weigh In On SPDR S&P Bank ETF

A number of institutional investors and hedge funds have recently modified their holdings of the company. Duquesne Family Office LLC acquired a new stake in SPDR S&P Bank ETF in the third quarter valued at $28,646,000. Royal Bank of Canada boosted its position in shares of SPDR S&P Bank ETF by 262.0% during the 4th quarter. Royal Bank of Canada now owns 463,143 shares of the exchange traded fund’s stock worth $28,109,000 after acquiring an additional 335,194 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of SPDR S&P Bank ETF by 1,944.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 334,848 shares of the exchange traded fund’s stock valued at $19,940,000 after acquiring an additional 318,467 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of SPDR S&P Bank ETF by 13.8% in the 3rd quarter. Two Sigma Investments LP now owns 2,030,440 shares of the exchange traded fund’s stock valued at $120,649,000 after acquiring an additional 246,600 shares during the last quarter. Finally, Agave Capital Management Ltd acquired a new stake in shares of SPDR S&P Bank ETF during the 4th quarter worth about $7,112,000.

About SPDR S&P Bank ETF

SPDR KBW Bank ETF, formerly The SPDR S&P Bank ETF (the Fund), seeks to closely match the returns and characteristics of the S&P Banks Select Industry Index. The S&P Banks Select Industry Index is a float adjusted modified-market, capitalization-weighted index that seeks to reflect the performance of publicly traded companies that do business as banks or thrifts. The S&P Banks Select Industry Index consists of common stocks of national money centers and regional banks or thrifts listed on the New York Stock Exchange (NYSE) or another United States national securities exchange, (NASDAQ)/National Market System (NMS).