First Trust Preferred Securities and Income ETF (NYSEARCA:FPE) Reaches New 52-Week Low – Here’s Why

First Trust Preferred Securities and Income ETF (NYSEARCA:FPE)’s stock price reached a new 52-week low during trading on Wednesday. The company traded as low as $16.93 and last traded at $16.9450, with a volume of 1,315,360 shares. The stock had previously closed at $17.05.

First Trust Preferred Securities and Income ETF Stock Down 0.1%

The stock’s fifty day simple moving average is $17.38 and its 200-day simple moving average is $17.76.

Hedge Funds Weigh In On First Trust Preferred Securities and Income ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FPE. Fifth Third Bancorp bought a new position in shares of First Trust Preferred Securities and Income ETF in the first quarter worth $8,484,000. Bank of America Corp DE grew its stake in First Trust Preferred Securities and Income ETF by 5.4% during the first quarter. Bank of America Corp DE now owns 8,652,282 shares of the company’s stock worth $153,578,000 after buying an additional 446,585 shares in the last quarter. Cetera Investment Advisers grew its stake in First Trust Preferred Securities and Income ETF by 14.8% during the first quarter. Cetera Investment Advisers now owns 2,964,486 shares of the company’s stock worth $52,620,000 after buying an additional 383,261 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in First Trust Preferred Securities and Income ETF by 54.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 862,964 shares of the company’s stock valued at $15,430,000 after buying an additional 303,103 shares during the period. Finally, Asset Allocation Strategies LLC bought a new position in First Trust Preferred Securities and Income ETF in the 2nd quarter valued at about $3,764,000.

First Trust Preferred Securities and Income ETF Company Profile

The First Trust Preferred Securities and Income ETF (FPE) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund that attempts to generate income by investing globally in preferred equities and income producing debt across the market cap spectrum. FPE was launched on Feb 12, 2013 and is managed by First Trust.