SPDR S&P Bank ETF (NYSEARCA:KBE) Sets New 1-Year High – Still a Buy?

SPDR S&P Bank ETF (NYSEARCA:KBE) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $67.75 and last traded at $67.25, with a volume of 1280254 shares traded. The stock had previously closed at $67.41.

SPDR S&P Bank ETF Price Performance

The firm has a 50-day simple moving average of $62.78 and a 200 day simple moving average of $59.97. The stock has a market capitalization of $1.62 billion, a P/E ratio of 12.60 and a beta of 0.97.

Hedge Funds Weigh In On SPDR S&P Bank ETF

Hedge funds have recently modified their holdings of the business. Belpointe Asset Management LLC increased its stake in SPDR S&P Bank ETF by 175.2% in the third quarter. Belpointe Asset Management LLC now owns 16,777 shares of the exchange traded fund’s stock valued at $997,000 after purchasing an additional 10,681 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of SPDR S&P Bank ETF during the 2nd quarter worth about $35,000. Stephens Inc. AR grew its stake in shares of SPDR S&P Bank ETF by 7.3% in the 2nd quarter. Stephens Inc. AR now owns 10,110 shares of the exchange traded fund’s stock valued at $564,000 after buying an additional 688 shares during the period. Envestnet Asset Management Inc. increased its position in SPDR S&P Bank ETF by 161.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 61,412 shares of the exchange traded fund’s stock valued at $3,424,000 after buying an additional 37,929 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in SPDR S&P Bank ETF by 32.3% during the 2nd quarter. Cetera Investment Advisers now owns 40,972 shares of the exchange traded fund’s stock worth $2,285,000 after buying an additional 10,013 shares during the period.

SPDR S&P Bank ETF Company Profile

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).