SPDR S&P Bank ETF (NYSEARCA:KBE) Sets New 52-Week High – Time to Buy?

SPDR S&P Bank ETF (NYSEARCA:KBE) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $69.13 and last traded at $69.04, with a volume of 653748 shares trading hands. The stock had previously closed at $68.22.

SPDR S&P Bank ETF Trading Down 1.1%

The company has a 50 day moving average price of $64.69 and a 200 day moving average price of $63.14. The company has a market capitalization of $1.53 billion, a P/E ratio of 12.60 and a beta of 0.89.

Institutional Investors Weigh In On SPDR S&P Bank ETF

Several hedge funds have recently added to or reduced their stakes in KBE. FWL Investment Management LLC acquired a new position in shares of SPDR S&P Bank ETF in the third quarter valued at $32,000. Advocate Investing Services LLC acquired a new stake in shares of SPDR S&P Bank ETF during the 4th quarter worth about $43,000. Camelot Portfolios LLC acquired a new stake in shares of SPDR S&P Bank ETF during the 4th quarter worth about $50,000. MWA Asset Management bought a new stake in shares of SPDR S&P Bank ETF during the 1st quarter worth about $56,000. Finally, EFG International AG bought a new stake in shares of SPDR S&P Bank ETF during the 4th quarter worth about $76,000.

About SPDR S&P Bank ETF

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).