Invesco Preferred ETF (NYSEARCA:PGX) Sees Strong Trading Volume – Still a Buy?

Invesco Preferred ETF (NYSEARCA:PGX) saw unusually-strong trading volume on Thursday. Approximately 5,964,376 shares were traded during mid-day trading, an increase of 49% from the previous session’s volume of 4,011,410 shares. The stock last traded at $9.8950 and had previously closed at $9.87.

Invesco Preferred ETF Stock Performance

The business’s 50-day simple moving average is $10.34 and its two-hundred day simple moving average is $10.73.

Institutional Trading of Invesco Preferred ETF

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in shares of Invesco Preferred ETF by 3.4% in the first quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock worth $882,733,000 after buying an additional 2,684,132 shares during the period. Allworth Financial LP lifted its position in Invesco Preferred ETF by 2.1% during the 2nd quarter. Allworth Financial LP now owns 3,438,874 shares of the company’s stock worth $37,277,000 after acquiring an additional 71,096 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in Invesco Preferred ETF by 3.3% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,389,774 shares of the company’s stock worth $15,121,000 after acquiring an additional 44,155 shares in the last quarter. Stonebridge Advisors LLC lifted its position in Invesco Preferred ETF by 54.4% during the 1st quarter. Stonebridge Advisors LLC now owns 1,223,779 shares of the company’s stock worth $13,315,000 after acquiring an additional 431,371 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Invesco Preferred ETF by 47.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 976,257 shares of the company’s stock worth $10,583,000 after acquiring an additional 313,045 shares during the period. 8.60% of the stock is currently owned by institutional investors and hedge funds.

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.