Invesco Preferred ETF (NYSEARCA:PGX) Hits New 52-Week Low – What’s Next?

Shares of Invesco Preferred ETF (NYSEARCA:PGX) reached a new 52-week low during trading on Wednesday . The stock traded as low as $10.65 and last traded at $10.67, with a volume of 2821266 shares. The stock had previously closed at $10.65.

Invesco Preferred ETF Stock Performance

The company’s 50 day moving average price is $10.82 and its 200 day moving average price is $11.06.

Hedge Funds Weigh In On Invesco Preferred ETF

Hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in shares of Invesco Preferred ETF by 3.4% in the first quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock worth $882,733,000 after buying an additional 2,684,132 shares during the last quarter. Cohen & Steers Inc. raised its stake in shares of Invesco Preferred ETF by 1,881.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,157,935 shares of the company’s stock valued at $24,255,000 after acquiring an additional 2,049,049 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Invesco Preferred ETF in the 4th quarter valued at approximately $22,103,000. Spectrum Asset Management Inc. lifted its holdings in Invesco Preferred ETF by 47.9% in the 4th quarter. Spectrum Asset Management Inc. now owns 5,372,426 shares of the company’s stock worth $60,386,000 after purchasing an additional 1,739,156 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Invesco Preferred ETF by 32.2% in the 4th quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock worth $60,084,000 after purchasing an additional 1,300,981 shares during the last quarter. 8.60% of the stock is owned by institutional investors and hedge funds.

Invesco Preferred ETF Company Profile

The PowerShares Preferred Portfolio (Fund) is based on The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index (Index). The Fund normally invest at least 90% of its total assets in securities that comprise the Index. The Index is designed to replicate the total return of a diversified group of investment-grade preferred securities. The Index is rebalanced on a monthly basis. The Fund seeks investment results that correspond generally to the price and yield (before fees and expenses) of a securities index.