iShares U.S. Financial Services ETF (NYSEARCA:IYG) Sees Large Decrease in Short Interest

iShares U.S. Financial Services ETF (NYSEARCA:IYG) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 48,940 shares, a drop of 42.9% from the August 15th total of 85,731 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily volume of 78,355 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IYG. NewEdge Advisors LLC raised its position in iShares U.S. Financial Services ETF by 11.7% in the 2nd quarter. NewEdge Advisors LLC now owns 12,062 shares of the company’s stock worth $1,091,000 after purchasing an additional 1,268 shares during the last quarter. Corient Private Wealth LP bought a new position in iShares U.S. Financial Services ETF in the 2nd quarter valued at $215,000. XP Advisory US Inc. bought a new position in iShares U.S. Financial Services ETF in the 2nd quarter valued at $402,000. Highland Investment Advisors LLC acquired a new stake in shares of iShares U.S. Financial Services ETF in the 2nd quarter valued at $34,000. Finally, Focus Financial Network Inc. increased its stake in shares of iShares U.S. Financial Services ETF by 4.8% in the 2nd quarter. Focus Financial Network Inc. now owns 23,235 shares of the company’s stock valued at $2,102,000 after buying an additional 1,061 shares during the period.

iShares U.S. Financial Services ETF Trading Down 1.8%

NYSEARCA IYG traded down $1.67 during trading hours on Wednesday, reaching $93.74. 109,787 shares of the company’s stock were exchanged, compared to its average volume of 112,102. The firm has a fifty day moving average of $96.25 and a 200-day moving average of $90.20. The stock has a market cap of $2.13 billion, a PE ratio of 18.95 and a beta of 0.96. iShares U.S. Financial Services ETF has a one year low of $79.86 and a one year high of $98.66.

About iShares U.S. Financial Services ETF

iShares U.S. Financial Services ETF (the Fund) is an exchange-traded fund. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Financial Services Index (the Underlying Index). The Underlying Index measures the performance of the financial services sector of the United States equity market. It is a subset of the Dow Jones U.S. Financials Index. The Underlying Index includes components of subsectors in the Dow Jones U.S.