ProShares UltraShort Financials (NYSEARCA:SKF) Sees Significant Increase in Short Interest

ProShares UltraShort Financials (NYSEARCA:SKF) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 53,790 shares, an increase of 244.6% from the February 26th total of 15,611 shares. Based on an average daily volume of 73,267 shares, the short-interest ratio is presently 0.7 days. Currently, 13.8% of the shares of the company are sold short. Currently, 13.8% of the shares of the company are sold short. Based on an average daily volume of 73,267 shares, the short-interest ratio is presently 0.7 days.

Institutional Investors Weigh In On ProShares UltraShort Financials

Several hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in ProShares UltraShort Financials by 907.3% in the second quarter. Tower Research Capital LLC TRC now owns 13,840 shares of the company’s stock valued at $388,000 after purchasing an additional 12,466 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of ProShares UltraShort Financials by 20,938.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock valued at $166,000 after buying an additional 6,491 shares in the last quarter. Finally, Group One Trading LLC purchased a new position in shares of ProShares UltraShort Financials during the 2nd quarter valued at approximately $37,000.

ProShares UltraShort Financials Price Performance

Shares of NYSEARCA:SKF traded down $0.28 during trading on Wednesday, hitting $30.87. 27,435 shares of the stock traded hands, compared to its average volume of 37,822. The company has a fifty day moving average price of $28.38 and a two-hundred day moving average price of $27.41. ProShares UltraShort Financials has a 52-week low of $23.86 and a 52-week high of $44.19.

ProShares UltraShort Financials Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 25th will be given a dividend of $0.1319 per share. This represents a $0.53 annualized dividend and a yield of 1.7%. The ex-dividend date is Wednesday, March 25th.

About ProShares UltraShort Financials

ProShares UltraShort Financials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index (the Index). The 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 Federal National Mortgage Association, credit card issuers and investment advisers; securities brokers and dealers, including investment banks, merchant banks and online brokers, and publicly traded stock exchanges.