SPDR ICE Preferred Securities ETF (NYSEARCA:PSK) Hits New 52-Week Low – Here’s Why

SPDR ICE Preferred Securities ETF (NYSEARCA:PSK)’s stock price hit a new 52-week low on Monday . The company traded as low as $29.89 and last traded at $29.89, with a volume of 10646 shares. The stock had previously closed at $29.90.

SPDR ICE Preferred Securities ETF Price Performance

The company’s 50-day simple moving average is $30.44 and its 200-day simple moving average is $31.19.

Hedge Funds Weigh In On SPDR ICE Preferred Securities ETF

Hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC lifted its holdings in shares of SPDR ICE Preferred Securities ETF by 1,001.4% during the fourth quarter. Cornerstone Planning Group LLC now owns 771 shares of the company’s stock valued at $25,000 after purchasing an additional 701 shares during the last quarter. IFP Advisors Inc lifted its stake in SPDR ICE Preferred Securities ETF by 568.7% during the fourth quarter. IFP Advisors Inc now owns 2,608 shares of the company’s stock valued at $83,000 after buying an additional 2,218 shares in the last quarter. WFA of San Diego LLC acquired a new position in shares of SPDR ICE Preferred Securities ETF in the second quarter worth about $84,000. International Assets Investment Management LLC acquired a new position in shares of SPDR ICE Preferred Securities ETF in the fourth quarter worth about $133,000. Finally, Franklin Resources Inc. acquired a new position in shares of SPDR ICE Preferred Securities ETF in the second quarter worth about $143,000.

About SPDR ICE Preferred Securities ETF

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.