ProShares UltraShort Financials (NYSEARCA:SKF) Sees Significant Growth in Short Interest

ProShares UltraShort Financials (NYSEARCA:SKF) was the recipient of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 53,790 shares, an increase of 244.6% from the February 26th total of 15,611 shares. Approximately 13.8% of the company’s shares are sold short. Based on an average daily volume of 73,267 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily volume of 73,267 shares, the days-to-cover ratio is currently 0.7 days. Approximately 13.8% of the company’s shares are sold short.

ProShares UltraShort Financials Price Performance

SKF stock traded down $0.28 during trading on Wednesday, reaching $30.87. 27,435 shares of the company traded hands, compared to its average volume of 37,822. The business has a 50 day simple moving average of $28.38 and a 200 day simple moving average of $27.41. ProShares UltraShort Financials has a 12 month low of $23.86 and a 12 month high of $44.19.

ProShares UltraShort Financials Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th will be issued a dividend of $0.1319 per share. This represents a $0.53 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, March 25th.

Institutional Investors Weigh In On ProShares UltraShort Financials

A number of large investors have recently made changes to their positions in SKF. Group One Trading LLC acquired a new position in ProShares UltraShort Financials in the 2nd quarter worth approximately $37,000. Tower Research Capital LLC TRC grew its position in ProShares UltraShort Financials by 907.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,840 shares of the company’s stock worth $388,000 after purchasing an additional 12,466 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of ProShares UltraShort Financials by 20,938.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock valued at $166,000 after buying an additional 6,491 shares during the period.

About ProShares UltraShort Financials

ProShares UltraShort Financials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index (the Index). The Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States-domiciled international banks; full line, life and property and casualty insurance companies; companies that invest directly or indirectly in real estate; diversified financial companies, such as Federal National Mortgage Association, credit card issuers and investment advisers; securities brokers and dealers, including investment banks, merchant banks and online brokers, and publicly traded stock exchanges.