Invesco Preferred ETF (NYSEARCA:PGX) Sees Large Volume Increase – Here’s What Happened

Shares of Invesco Preferred ETF (NYSEARCA:PGX) saw unusually-high trading volume on Friday. Approximately 10,501,809 shares changed hands during mid-day trading, an increase of 171% from the previous session’s volume of 3,871,470 shares. The stock last traded at $10.0970 and had previously closed at $10.09.

Invesco Preferred ETF Trading Down 0.1%

The company’s 50-day simple moving average is $10.39 and its 200-day simple moving average is $10.76.

Hedge Funds Weigh In On Invesco Preferred ETF

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Invesco Preferred ETF by 3.4% during the 1st quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock worth $882,733,000 after purchasing an additional 2,684,132 shares during the last quarter. Allworth Financial LP boosted its stake in Invesco Preferred ETF by 2.1% in the 2nd quarter. Allworth Financial LP now owns 3,438,874 shares of the company’s stock valued at $37,277,000 after purchasing an additional 71,096 shares during the period. Checchi Capital Advisers LLC grew its stake in shares of Invesco Preferred ETF by 3.3% in the first quarter. Checchi Capital Advisers LLC now owns 1,389,774 shares of the company’s stock valued at $15,121,000 after acquiring an additional 44,155 shares in the last quarter. Stonebridge Advisors LLC grew its position in shares of Invesco Preferred ETF by 54.4% during the 1st quarter. Stonebridge Advisors LLC now owns 1,223,779 shares of the company’s stock worth $13,315,000 after purchasing an additional 431,371 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Invesco Preferred ETF by 47.2% in the second quarter. Envestnet Asset Management Inc. now owns 976,257 shares of the company’s stock valued at $10,583,000 after buying an additional 313,045 shares in the last quarter. Institutional investors and hedge funds own 8.60% of the company’s stock.

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.