iShares U.S. Financial Services ETF (NYSEARCA:IYG) Sees Significant Drop in Short Interest

iShares U.S. Financial Services ETF (NYSEARCA:IYG) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 48,940 shares, a drop of 42.9% from the August 15th total of 85,731 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 78,355 shares, the days-to-cover ratio is currently 0.6 days.

iShares U.S. Financial Services ETF Price Performance

NYSEARCA:IYG opened at $95.98 on Tuesday. The company has a 50 day moving average price of $96.20 and a 200-day moving average price of $90.10. iShares U.S. Financial Services ETF has a 1-year low of $79.86 and a 1-year high of $98.66. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 18.95 and a beta of 0.96.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. RiverFront Investment Group LLC lifted its position in shares of iShares U.S. Financial Services ETF by 0.7% during the 4th quarter. RiverFront Investment Group LLC now owns 1,449,021 shares of the company’s stock valued at $133,672,000 after buying an additional 10,089 shares in the last quarter. Dynasty Wealth Management LLC purchased a new stake in iShares U.S. Financial Services ETF in the 4th quarter worth $49,084,000. Private Advisor Group LLC raised its position in iShares U.S. Financial Services ETF by 17.0% during the first quarter. Private Advisor Group LLC now owns 208,916 shares of the company’s stock worth $17,307,000 after acquiring an additional 30,308 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in iShares U.S. Financial Services ETF by 279.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 111,441 shares of the company’s stock worth $10,280,000 after acquiring an additional 82,102 shares during the period. Finally, Unique Wealth LLC raised its position in iShares U.S. Financial Services ETF by 29.6% during the first quarter. Unique Wealth LLC now owns 77,515 shares of the company’s stock worth $6,421,000 after acquiring an additional 17,698 shares during the period.

About iShares U.S. Financial Services ETF

iShares U.S. Financial Services ETF (the Fund) is an exchange-traded fund. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Financial Services Index (the Underlying Index). The Underlying Index measures the performance of the financial services sector of the United States equity market. It is a subset of the Dow Jones U.S. Financials Index. The Underlying Index includes components of subsectors in the Dow Jones U.S.