Invesco Preferred ETF (NYSEARCA:PGX) Sets New 12-Month Low – Here’s What Happened

Invesco Preferred ETF (NYSEARCA:PGX) reached a new 52-week low on Thursday. The stock traded as low as $9.81 and last traded at $9.8150, with a volume of 705,158 shares. The stock had previously closed at $9.88.

Invesco Preferred ETF Stock Down 0.6%

The stock has a fifty day simple moving average of $10.12 and a two-hundred day simple moving average of $10.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGX. 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 worth $882,733,000 after acquiring an additional 2,684,132 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Invesco Preferred ETF by 5.7% in the 3rd quarter. Allworth Financial LP now owns 3,635,924 shares of the company’s stock valued at $39,413,000 after purchasing an additional 197,050 shares in the last quarter. Bessemer Group Inc. acquired a new stake in shares of Invesco Preferred ETF in the 3rd quarter valued at approximately $20,177,000. Checchi Capital Advisers LLC bought a new stake in shares of Invesco Preferred ETF during the 3rd quarter valued at approximately $18,049,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Invesco Preferred ETF by 47.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 976,257 shares of the company’s stock valued at $10,583,000 after purchasing an additional 313,045 shares during the last quarter. Institutional investors own 8.60% of the company’s stock.

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.