Invesco Preferred ETF (NYSEARCA:PGX) Sets New 52-Week Low – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX)’s share price reached a new 52-week low on Wednesday . The company traded as low as $10.68 and last traded at $10.68, with a volume of 3612125 shares changing hands. The stock had previously closed at $10.73.

Invesco Preferred ETF Trading Down 0.5%

The business’s fifty day moving average price is $10.89 and its 200-day moving average price is $11.12.

Institutional Trading of Invesco Preferred ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Triumph Capital Management purchased a new position in shares of Invesco Preferred ETF during the third quarter valued at approximately $29,000. First United Bank & Trust raised its position in Invesco Preferred ETF by 32.1% in the 1st quarter. First United Bank & Trust now owns 4,343 shares of the company’s stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Bayban bought a new position in Invesco Preferred ETF during the 4th quarter valued at $52,000. Global Assets Advisory LLC purchased a new position in Invesco Preferred ETF during the 1st quarter worth $52,000. Finally, International Assets Investment Management LLC purchased a new position in Invesco Preferred ETF during the 4th quarter worth $55,000. 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.