Invesco Dividend Achievers ETF (NASDAQ:PFM) Shares Down 1.2% – Here’s Why

Invesco Dividend Achievers ETF (NASDAQ:PFM)’s share price fell 1.2% on Thursday . The stock traded as low as $52.51 and last traded at $52.88. 30,841 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 35,387 shares. The stock had previously closed at $53.50.

Invesco Dividend Achievers ETF Stock Down 1.2%

The company has a fifty day moving average price of $53.02 and a 200 day moving average price of $51.57. The stock has a market cap of $763.59 million, a PE ratio of 23.20 and a beta of 0.82.

Invesco Dividend Achievers ETF Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Monday, December 22nd were paid a $0.185 dividend. This is an increase from Invesco Dividend Achievers ETF’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $0.74 dividend on an annualized basis and a yield of 1.4%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Invesco Dividend Achievers ETF by 58.0% in the second quarter. CWM LLC now owns 689 shares of the company’s stock worth $33,000 after purchasing an additional 253 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in Invesco Dividend Achievers ETF during the 4th quarter valued at $59,000. Allspring Global Investments Holdings LLC purchased a new stake in Invesco Dividend Achievers ETF during the 4th quarter valued at $83,000. International Assets Investment Management LLC bought a new stake in Invesco Dividend Achievers ETF in the 4th quarter worth $86,000. Finally, AlphaCore Capital LLC purchased a new position in shares of Invesco Dividend Achievers ETF in the fourth quarter valued at about $99,000.

About Invesco Dividend Achievers ETF

PowerShares Dividend Achievers Portfolio (the Fund) seeks investment results that correspond generally to the price and yield of the Broad Dividend Achievers Index (the Index). The Index is designed to identify a diversified group of dividend paying companies. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The portfolio is rebalanced quarterly and reconstituted annually. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index.