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

Invesco Preferred ETF (NYSEARCA:PGX)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $10.65 and last traded at $10.67, with a volume of 2821266 shares. The stock had previously closed at $10.65.

Invesco Preferred ETF Price Performance

The stock’s fifty day moving average is $10.83 and its two-hundred day moving average is $11.07.

Institutional Investors Weigh In On Invesco Preferred ETF

Several large investors have recently made changes to their positions in PGX. Bank of America Corp DE raised its holdings in shares of Invesco Preferred ETF by 3.4% during the first quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock valued at $882,733,000 after buying an additional 2,684,132 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Invesco Preferred ETF by 4.2% in the 4th quarter. Wells Fargo & Company MN now owns 15,374,528 shares of the company’s stock worth $172,810,000 after buying an additional 625,748 shares in the last quarter. Spectrum Asset Management Inc. grew its holdings in Invesco Preferred ETF by 47.9% in the 4th quarter. Spectrum Asset Management Inc. now owns 5,372,426 shares of the company’s stock worth $60,386,000 after buying an additional 1,739,156 shares in the last quarter. UBS Group AG grew its holdings in Invesco Preferred ETF by 32.2% in the 4th quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock worth $60,084,000 after buying an additional 1,300,981 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Invesco Preferred ETF by 19.6% in the 4th quarter. JPMorgan Chase & Co. now owns 5,308,493 shares of the company’s stock valued at $59,667,000 after acquiring an additional 871,430 shares during the period. Institutional investors and hedge funds own 8.60% of the company’s stock.

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.