Principal U.S. Mega-Cap ETF (NASDAQ:USMC) Sets New 52-Week High – Still a Buy?

Principal U.S. Mega-Cap ETF (NASDAQ:USMC)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $75.06 and last traded at $75.05, with a volume of 28072 shares trading hands. The stock had previously closed at $74.11.

Principal U.S. Mega-Cap ETF Stock Performance

The firm has a 50 day simple moving average of $73.78 and a 200 day simple moving average of $70.00. The firm has a market cap of $3.68 billion, a P/E ratio of 27.59 and a beta of 0.95.

Principal U.S. Mega-Cap ETF Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, July 1st were issued a $0.139 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, July 1st.

Hedge Funds Weigh In On Principal U.S. Mega-Cap ETF

A number of large investors have recently modified their holdings of the company. Parallel Advisors LLC bought a new stake in Principal U.S. Mega-Cap ETF during the 1st quarter worth approximately $26,000. Bank of America Corp DE boosted its holdings in Principal U.S. Mega-Cap ETF by 42.8% in the 1st quarter. Bank of America Corp DE now owns 12,245 shares of the company’s stock valued at $788,000 after purchasing an additional 3,668 shares during the period. Royal Bank of Canada boosted its holdings in Principal U.S. Mega-Cap ETF by 35.4% in the 1st quarter. Royal Bank of Canada now owns 117,374 shares of the company’s stock valued at $7,549,000 after purchasing an additional 30,690 shares during the period. Symphony Financial Services Inc. grew its position in shares of Principal U.S. Mega-Cap ETF by 6.1% during the 1st quarter. Symphony Financial Services Inc. now owns 242,619 shares of the company’s stock valued at $15,603,000 after purchasing an additional 13,925 shares in the last quarter. Finally, Citizens Financial Group Inc. RI grew its position in shares of Principal U.S. Mega-Cap ETF by 2.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 16,198 shares of the company’s stock valued at $1,042,000 after purchasing an additional 464 shares in the last quarter.

About Principal U.S. Mega-Cap ETF

The Principal U.S. Mega-Cap ETF (USMC) is an exchange-traded fund that mostly invests in large cap equity. The fund is actively managed to offer exposure to the largest of the US large-cap segment. The fund uses a proprietary, quantitative model to construct the portfolio. USMC was launched on Oct 12, 2017 and is managed by Principal.