Invesco Preferred ETF (NYSEARCA:PGX) Stock Crosses Above 50-Day Moving Average – Here’s Why

Shares of Invesco Preferred ETF (NYSEARCA:PGX) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $11.35 and traded as high as $11.50. Invesco Preferred ETF shares last traded at $11.49, with a volume of 1,381,016 shares.

Invesco Preferred ETF Stock Performance

The firm has a 50 day moving average price of $11.35 and a two-hundred day moving average price of $11.45.

Invesco Preferred ETF Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, January 23rd. Shareholders of record on Tuesday, January 20th were paid a dividend of $0.0638 per share. This is a boost from Invesco Preferred ETF’s previous monthly dividend of $0.05. The ex-dividend date was Tuesday, January 20th. This represents a c) dividend on an annualized basis and a yield of 6.7%.

Hedge Funds Weigh In On Invesco Preferred ETF

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in shares of Invesco Preferred ETF by 2.1% in the third quarter. Bank of America Corp DE now owns 65,973,646 shares of the company’s stock worth $765,294,000 after buying an additional 1,333,558 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Invesco Preferred ETF by 4.2% during the 4th quarter. Wells Fargo & Company MN now owns 15,374,528 shares of the company’s stock worth $172,810,000 after acquiring an additional 625,748 shares in the last quarter. Spectrum Asset Management Inc. increased its position in shares of 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 purchasing an additional 1,739,156 shares during the last quarter. UBS Group AG raised its stake in shares of Invesco Preferred ETF by 32.2% in the 4th quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock valued at $60,084,000 after purchasing an additional 1,300,981 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 purchasing an additional 871,430 shares in the last quarter. 8.60% of the stock is currently 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.