Invesco Preferred ETF (NYSEARCA:PGX) Sets New 1-Year Low – Should You Sell?

Invesco Preferred ETF (NYSEARCA:PGX) shares reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $10.28 and last traded at $10.2660, with a volume of 1587357 shares trading hands. The stock had previously closed at $10.35.

Invesco Preferred ETF Price Performance

The business has a 50 day simple moving average of $10.60 and a 200 day simple moving average of $10.87.

Hedge Funds Weigh In On Invesco Preferred ETF

A number of hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in Invesco Preferred ETF by 47.2% in the second quarter. Envestnet Asset Management Inc. now owns 976,257 shares of the company’s stock worth $10,583,000 after acquiring an additional 313,045 shares in the last quarter. Security National Bank of Sioux City Iowa IA bought a new position in shares of Invesco Preferred ETF during the 2nd quarter valued at $66,000. Plimoth Trust Co. LLC raised its holdings in shares of Invesco Preferred ETF by 3.8% during the 2nd quarter. Plimoth Trust Co. LLC now owns 457,054 shares of the company’s stock valued at $4,954,000 after purchasing an additional 16,661 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of Invesco Preferred ETF by 11.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 461,448 shares of the company’s stock valued at $5,002,000 after purchasing an additional 47,971 shares during the last quarter. Finally, RFG Advisory LLC lifted its stake in shares of Invesco Preferred ETF by 2.7% in the 2nd quarter. RFG Advisory LLC now owns 119,187 shares of the company’s stock valued at $1,292,000 after purchasing an additional 3,144 shares during the last quarter. Institutional investors and hedge funds own 8.60% of the company’s stock.

About Invesco Preferred ETF

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.