Wells Fargo & Company MN Raises Stock Position in SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK)

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Wells Fargo & Company MN raised its position in SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK) by 32.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 227,931 shares of the company’s stock after buying an additional 55,822 shares during the period. Wells Fargo & Company MN owned about 1.15% of SPDR Wells Fargo Preferred Stock ETF worth $9,849,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strategic Wealth Partners Ltd. boosted its position in SPDR Wells Fargo Preferred Stock ETF by 12.1% during the second quarter. Strategic Wealth Partners Ltd. now owns 89,836 shares of the company’s stock worth $3,881,000 after acquiring an additional 9,690 shares during the last quarter. Matthew Goff Investment Advisor LLC acquired a new position in SPDR Wells Fargo Preferred Stock ETF in the 2nd quarter valued at about $277,000. Windsor Capital Management LLC boosted its holdings in SPDR Wells Fargo Preferred Stock ETF by 10.8% in the 2nd quarter. Windsor Capital Management LLC now owns 46,767 shares of the company’s stock valued at $2,020,000 after purchasing an additional 4,556 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in SPDR Wells Fargo Preferred Stock ETF by 4.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 279,784 shares of the company’s stock valued at $12,089,000 after purchasing an additional 11,893 shares during the last quarter. Finally, CWM LLC boosted its holdings in SPDR Wells Fargo Preferred Stock ETF by 16.9% in the 2nd quarter. CWM LLC now owns 312,729 shares of the company’s stock valued at $13,513,000 after purchasing an additional 45,182 shares during the last quarter.

Shares of NYSEARCA:PSK traded up $0.12 during trading hours on Thursday, reaching $43.87. The stock had a trading volume of 800 shares, compared to its average volume of 137,259. SPDR Wells Fargo Preferred Stock ETF has a 1 year low of $38.53 and a 1 year high of $44.27. The firm’s 50 day moving average is $43.88 and its 200-day moving average is $43.10.

The company also recently disclosed a — dividend, which was paid on Monday, September 9th. Shareholders of record on Wednesday, September 4th were given a $0.20 dividend. This represents a dividend yield of 5.8%. The ex-dividend date of this dividend was Tuesday, September 3rd.

Several research firms have weighed in on PSK. Raymond James reiterated an “average” rating and issued a $20.50 target price on shares of SPDR Wells Fargo Preferred Stock ETF in a report on Friday, May 24th. GMP Securities restated a “buy” rating and issued a $22.00 price objective on shares of SPDR Wells Fargo Preferred Stock ETF in a report on Wednesday, July 24th.

SPDR Wells Fargo Preferred Stock ETF Company Profile

SPDR Wells Fargo Preferred Stock ETF (the Fund) seeks to replicate the total return of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the Index). The Index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.

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Institutional Ownership by Quarter for SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK)

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