ProShares Ultra Financials (NYSEARCA:UYG) Sees Large Volume Increase – Still a Buy?

ProShares Ultra Financials (NYSEARCA:UYG) saw unusually-high trading volume on Friday . Approximately 79,514 shares traded hands during mid-day trading, an increase of 256% from the previous session’s volume of 22,307 shares.The stock last traded at $71.39 and had previously closed at $81.41.

ProShares Ultra Financials Trading Down 14.7 %

The company has a market capitalization of $664.13 million, a price-to-earnings ratio of 15.90 and a beta of 2.13. The company’s 50 day simple moving average is $91.47 and its 200-day simple moving average is $87.75.

ProShares Ultra Financials Increases Dividend

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Investors of record on Wednesday, March 26th were given a dividend of $0.2736 per share. The ex-dividend date of this dividend was Wednesday, March 26th. This is a positive change from ProShares Ultra Financials’s previous dividend of $0.11.

Institutional Investors Weigh In On ProShares Ultra Financials

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in ProShares Ultra Financials in the fourth quarter valued at approximately $51,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of ProShares Ultra Financials during the 4th quarter valued at $205,000. WealthTrust Asset Management LLC purchased a new stake in shares of ProShares Ultra Financials during the 4th quarter valued at $205,000. Wharton Business Group LLC acquired a new stake in shares of ProShares Ultra Financials during the 4th quarter worth $215,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of ProShares Ultra Financials in the 3rd quarter worth $232,000.

About ProShares Ultra Financials

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.