Invesco Preferred ETF (NYSEARCA:PGX) Sets New 12-Month Low – What’s Next?

Shares of Invesco Preferred ETF (NYSEARCA:PGX) hit a new 52-week low during trading on Thursday . The company traded as low as $10.68 and last traded at $10.68, with a volume of 2162785 shares. The stock had previously closed at $10.74.

Invesco Preferred ETF Trading Down 0.5%

The business has a 50 day simple moving average of $10.86 and a two-hundred day simple moving average of $11.09.

Institutional Investors 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 raised its position in shares of 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 period. Wells Fargo & Company MN grew its position in shares of Invesco Preferred ETF by 4.2% during the fourth quarter. Wells Fargo & Company MN now owns 15,374,528 shares of the company’s stock worth $172,810,000 after acquiring an additional 625,748 shares during the last quarter. Spectrum Asset Management Inc. grew its position in shares of Invesco Preferred ETF by 47.9% during the fourth quarter. Spectrum Asset Management Inc. now owns 5,372,426 shares of the company’s stock worth $60,386,000 after acquiring an additional 1,739,156 shares during the last quarter. UBS Group AG increased its holdings in shares of 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 acquiring an additional 1,300,981 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Invesco Preferred ETF by 19.6% during the 4th quarter. JPMorgan Chase & Co. now owns 5,308,493 shares of the company’s stock valued at $59,667,000 after purchasing an additional 871,430 shares during the period. 8.60% of the stock is owned by institutional investors and hedge funds.

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.