ProShares Ultra Financials (NYSEARCA:UYG) Sees Large Volume Increase – Should You Buy?

Shares of ProShares Ultra Financials (NYSEARCA:UYG) saw unusually-high trading volume on Monday . Approximately 27,572 shares changed hands during trading, an increase of 59% from the previous session’s volume of 17,390 shares.The stock last traded at $74.70 and had previously closed at $73.62.

ProShares Ultra Financials Trading Up 1.4%

The stock has a market capitalization of $657.37 million, a P/E ratio of 17.45 and a beta of 2.02. The company’s 50-day moving average is $78.99 and its two-hundred day moving average is $89.37.

ProShares Ultra Financials Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 25th were paid a $0.2048 dividend. The ex-dividend date was Wednesday, March 25th. This represents a $0.82 annualized dividend and a dividend yield of 1.1%.

Hedge Funds Weigh In On ProShares Ultra Financials

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Steigerwald Gordon & Koch Inc. bought a new position in ProShares Ultra Financials in the 3rd quarter worth approximately $30,000. Northwestern Mutual Wealth Management Co. bought a new stake in ProShares Ultra Financials during the 3rd quarter valued at $82,000. Flagship Harbor Advisors LLC acquired a new position in ProShares Ultra Financials during the 4th quarter worth $96,000. MAI Capital Management grew its stake in shares of ProShares Ultra Financials by 19.9% in the third quarter. MAI Capital Management now owns 1,055 shares of the company’s stock worth $105,000 after purchasing an additional 175 shares in the last quarter. Finally, Arax Advisory Partners bought a new position in shares of ProShares Ultra Financials in the fourth quarter worth $192,000.

ProShares Ultra Financials Company Profile

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.