Invesco Preferred ETF (NYSEARCA:PGX) Hits New 12-Month Low – Should You Sell?

Invesco Preferred ETF (NYSEARCA:PGX) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $10.28 and last traded at $10.2660, with a volume of 1587357 shares. The stock had previously closed at $10.35.

Invesco Preferred ETF Stock Down 0.8%

The firm’s 50 day simple moving average is $10.62 and its two-hundred day simple moving average is $10.89.

Institutional Trading of Invesco Preferred ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Invesco Preferred ETF by 3.4% during the 1st quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock valued at $882,733,000 after purchasing an additional 2,684,132 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Invesco Preferred ETF by 2.1% in the 2nd quarter. Allworth Financial LP now owns 3,438,874 shares of the company’s stock worth $37,277,000 after acquiring an additional 71,096 shares during the last quarter. Cohen & Steers Inc. lifted its position in Invesco Preferred ETF by 1,881.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,157,935 shares of the company’s stock valued at $24,255,000 after acquiring an additional 2,049,049 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in Invesco Preferred ETF by 3.3% in the 1st quarter. Checchi Capital Advisers LLC now owns 1,389,774 shares of the company’s stock valued at $15,121,000 after acquiring an additional 44,155 shares in the last quarter. Finally, Stonebridge Advisors LLC boosted its stake in Invesco Preferred ETF by 54.4% during the 1st quarter. Stonebridge Advisors LLC now owns 1,223,779 shares of the company’s stock valued at $13,315,000 after purchasing an additional 431,371 shares during the last quarter. 8.60% of the stock is owned by institutional investors.

Invesco Preferred ETF Company Profile

The PowerShares Preferred Portfolio (Fund) is based on The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index (Index). The Fund normally invest at least 90% of its total assets in securities that comprise the Index. The Index is designed to replicate the total return of a diversified group of investment-grade preferred securities. The Index is rebalanced on a monthly basis. The Fund seeks investment results that correspond generally to the price and yield (before fees and expenses) of a securities index.