SPDR S&P Bank ETF (NYSEARCA:KBE) Reaches New 1-Year High – Time to Buy?

SPDR S&P Bank ETF (NYSEARCA:KBE)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $64.31 and last traded at $64.5210, with a volume of 608665 shares changing hands. The stock had previously closed at $62.33.

SPDR S&P Bank ETF Stock Performance

The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 12.60 and a beta of 0.97. The firm’s 50-day simple moving average is $60.79 and its 200-day simple moving average is $59.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KBE. Jones Financial Companies Lllp boosted its position in shares of SPDR S&P Bank ETF by 731.0% during the first quarter. Jones Financial Companies Lllp now owns 7,371 shares of the exchange traded fund’s stock worth $390,000 after purchasing an additional 6,484 shares in the last quarter. Magnus Financial Group LLC grew its stake in shares of SPDR S&P Bank ETF by 5.0% in the second quarter. Magnus Financial Group LLC now owns 6,602 shares of the exchange traded fund’s stock valued at $368,000 after buying an additional 313 shares in the last quarter. HB Wealth Management LLC acquired a new position in shares of SPDR S&P Bank ETF during the 2nd quarter worth about $203,000. Truist Financial Corp raised its stake in SPDR S&P Bank ETF by 41.9% in the second quarter. Truist Financial Corp now owns 14,648 shares of the exchange traded fund’s stock valued at $817,000 after buying an additional 4,328 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in SPDR S&P Bank ETF during the 2nd quarter valued at $35,000.

About SPDR S&P Bank ETF

SPDR KBW Bank ETF, formerly The SPDR S&P Bank ETF (the Fund), seeks to closely match the returns and characteristics of the S&P Banks Select Industry Index. The S&P Banks Select Industry Index is a float adjusted modified-market, capitalization-weighted index that seeks to reflect the performance of publicly traded companies that do business as banks or thrifts. The S&P Banks Select Industry Index consists of common stocks of national money centers and regional banks or thrifts listed on the New York Stock Exchange (NYSE) or another United States national securities exchange, (NASDAQ)/National Market System (NMS).