Invesco Variable Rate Preferred ETF (NYSEARCA:VRP) Sees Significant Increase in Short Interest

Invesco Variable Rate Preferred ETF (NYSEARCA:VRP) was the target of a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 242,817 shares, an increase of 84.7% from the December 31st total of 131,461 shares. Based on an average daily volume of 648,051 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.2% of the shares of the stock are short sold. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily volume of 648,051 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On Invesco Variable Rate Preferred ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRP. JPMorgan Chase & Co. raised its holdings in shares of Invesco Variable Rate Preferred ETF by 47.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,737,992 shares of the company’s stock valued at $42,928,000 after purchasing an additional 561,811 shares in the last quarter. Bank of America Corp DE grew its holdings in Invesco Variable Rate Preferred ETF by 6.2% during the third quarter. Bank of America Corp DE now owns 8,491,380 shares of the company’s stock worth $209,737,000 after acquiring an additional 497,911 shares during the period. Westover Capital Advisors LLC purchased a new position in Invesco Variable Rate Preferred ETF in the second quarter valued at about $8,438,000. Park Avenue Securities LLC increased its position in shares of Invesco Variable Rate Preferred ETF by 176.7% in the fourth quarter. Park Avenue Securities LLC now owns 418,736 shares of the company’s stock valued at $10,188,000 after buying an additional 267,429 shares in the last quarter. Finally, Spectrum Asset Management Inc. increased its stake in shares of Invesco Variable Rate Preferred ETF by 336.8% during the 2nd quarter. Spectrum Asset Management Inc. now owns 342,707 shares of the company’s stock worth $8,379,000 after purchasing an additional 264,256 shares in the last quarter.

Invesco Variable Rate Preferred ETF Price Performance

Shares of NYSEARCA VRP traded up $0.01 during mid-day trading on Friday, reaching $24.44. The company’s stock had a trading volume of 371,019 shares, compared to its average volume of 629,146. The stock has a 50-day moving average of $24.41 and a two-hundred day moving average of $24.54. Invesco Variable Rate Preferred ETF has a 1-year low of $23.03 and a 1-year high of $24.93.

Invesco Variable Rate Preferred ETF Cuts Dividend

The company also recently announced a monthly dividend, which was paid on Friday, January 23rd. Investors of record on Tuesday, January 20th were paid a dividend of $0.1019 per share. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a c) annualized dividend and a yield of 5.0%.

About Invesco Variable Rate Preferred ETF

The Invesco Variable Rate Preferred ETF (VRP) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund tracks a market-value-weighted index of variable- and floating-rate preferred stocks. VRP was launched on May 1, 2014 and is managed by Invesco.