Invesco Preferred ETF (NYSEARCA:PGX) Sees Strong Trading Volume – Still a Buy?

Invesco Preferred ETF (NYSEARCA:PGX) shares saw unusually-strong trading volume on Thursday. 5,964,376 shares changed hands during mid-day trading, an increase of 49% from the previous session’s volume of 4,011,410 shares. The stock last traded at $9.8950 and had previously closed at $9.87.

Invesco Preferred ETF Price Performance

The company’s 50-day moving average price is $10.34 and its two-hundred day moving average price is $10.73.

Institutional Trading of Invesco Preferred ETF

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Invesco Preferred ETF by 3.4% during the first quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock valued at $882,733,000 after buying an additional 2,684,132 shares in the last quarter. Stonebridge Advisors LLC grew its position in shares of Invesco Preferred ETF by 54.4% in the 1st quarter. Stonebridge Advisors LLC now owns 1,223,779 shares of the company’s stock worth $13,315,000 after acquiring an additional 431,371 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Invesco Preferred ETF by 47.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 976,257 shares of the company’s stock worth $10,583,000 after acquiring an additional 313,045 shares in the last quarter. Brighton Securities CORP. bought a new stake in shares of Invesco Preferred ETF in the 3rd quarter valued at approximately $1,781,000. Finally, Fifth Third Bancorp increased its holdings in shares of Invesco Preferred ETF by 25,538.8% in the 1st quarter. Fifth Third Bancorp now owns 146,141 shares of the company’s stock valued at $1,590,000 after acquiring an additional 145,571 shares during the last quarter. 8.60% of the stock is owned by institutional investors.

About Invesco Preferred ETF

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.