Financial Select Sector SPDR Fund (NYSEARCA:XLF) Hits New 1-Year High – What’s Next?

Shares of Financial Select Sector SPDR Fund (NYSEARCA:XLF) hit a new 52-week high during trading on Friday . The stock traded as high as $52.26 and last traded at $52.19, with a volume of 58717732 shares. The stock had previously closed at $51.13.

Financial Select Sector SPDR Fund Stock Up 2.1 %

The company has a market capitalization of $54.79 billion, a price-to-earnings ratio of 16.82 and a beta of 1.08. The stock’s fifty day moving average price is $50.26 and its 200-day moving average price is $48.17.

Hedge Funds Weigh In On Financial Select Sector SPDR Fund

Several hedge funds and other institutional investors have recently made changes to their positions in XLF. Raymond James Financial Inc. bought a new position in Financial Select Sector SPDR Fund during the fourth quarter worth $773,900,000. Envestnet Asset Management Inc. boosted its position in Financial Select Sector SPDR Fund by 30.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 22,207,028 shares of the exchange traded fund’s stock worth $1,073,266,000 after purchasing an additional 5,143,166 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in Financial Select Sector SPDR Fund by 227.4% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,292,033 shares of the exchange traded fund’s stock worth $304,094,000 after purchasing an additional 4,370,382 shares during the period. Menora Mivtachim Holdings LTD. lifted its holdings in shares of Financial Select Sector SPDR Fund by 4,207.1% during the fourth quarter. Menora Mivtachim Holdings LTD. now owns 3,922,192 shares of the exchange traded fund’s stock worth $189,560,000 after buying an additional 3,831,129 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Financial Select Sector SPDR Fund by 45.3% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 12,077,000 shares of the exchange traded fund’s stock worth $583,681,000 after buying an additional 3,766,000 shares in the last quarter.

About Financial Select Sector SPDR Fund

The Fund seeks to provide investors with a low-cost passive approach for investing in a portfolio of equity securities of firms as represented by the Financial Select Sector Index.