Invesco Preferred ETF (NYSEARCA:PGX) Stock Price Passes Above 50-Day Moving Average – Should You Sell?

Invesco Preferred ETF (NYSEARCA:PGX) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.30 and traded as high as $11.43. Invesco Preferred ETF shares last traded at $11.39, with a volume of 4,241,417 shares.

Invesco Preferred ETF Price Performance

The firm’s 50-day moving average is $11.30 and its 200 day moving average is $11.43.

Invesco Preferred ETF Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, January 23rd. Stockholders of record on Tuesday, January 20th were issued a $0.0638 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This is a positive change from Invesco Preferred ETF’s previous monthly dividend of $0.05. This represents a c) dividend on an annualized basis and a dividend yield of 6.7%.

Hedge Funds Weigh In On Invesco Preferred ETF

Several institutional investors have recently added to or reduced their stakes in PGX. Brighton Jones LLC purchased a new stake in Invesco Preferred ETF during the 4th quarter valued at approximately $626,000. Goldman Sachs Group Inc. increased its holdings in shares of Invesco Preferred ETF by 57.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,874,427 shares of the company’s stock valued at $21,031,000 after purchasing an additional 683,754 shares during the period. Jane Street Group LLC raised its stake in shares of Invesco Preferred ETF by 181.6% during the first quarter. Jane Street Group LLC now owns 420,120 shares of the company’s stock worth $4,714,000 after purchasing an additional 270,939 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in shares of Invesco Preferred ETF by 10.1% during the second quarter. Perigon Wealth Management LLC now owns 26,812 shares of the company’s stock worth $298,000 after purchasing an additional 2,454 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Invesco Preferred ETF by 8.6% during the second quarter. Janney Montgomery Scott LLC now owns 531,518 shares of the company’s stock worth $5,916,000 after purchasing an additional 41,885 shares during the period. 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.