Invesco Preferred ETF (NYSEARCA:PGX) Sets New 1-Year Low – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $10.54 and last traded at $10.55, with a volume of 97946 shares. The stock had previously closed at $10.60.

Invesco Preferred ETF Trading Down 0.4%

The business has a fifty day moving average of $10.79 and a 200-day moving average of $11.03.

Hedge Funds Weigh In On Invesco Preferred ETF

Several hedge funds have recently made changes to their positions in PGX. Triumph Capital Management purchased a new position in shares of Invesco Preferred ETF during the third quarter valued at approximately $29,000. First United Bank & Trust lifted its stake in Invesco Preferred ETF by 32.1% in the first quarter. First United Bank & Trust now owns 4,343 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares during the period. Bayban purchased a new stake in Invesco Preferred ETF in the fourth quarter worth $52,000. Global Assets Advisory LLC bought a new stake in Invesco Preferred ETF in the first quarter valued at $52,000. Finally, International Assets Investment Management LLC bought a new stake in Invesco Preferred ETF in the fourth quarter valued at $55,000. 8.60% of the stock is owned by hedge funds and other institutional investors.

Invesco Preferred ETF Company Profile

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.