Invesco Preferred ETF (NYSEARCA:PGX) Sees Large Volume Increase – Still a Buy?

Shares of Invesco Preferred ETF (NYSEARCA:PGX) saw strong trading volume on Thursday. 5,964,376 shares traded hands during mid-day trading, an increase of 49% from the previous session’s volume of 4,011,410 shares. The stock last traded at $9.8950 and had previously closed at $9.87.

Invesco Preferred ETF Stock Down 0.1%

The business’s 50 day moving average price is $10.30 and its two-hundred day moving average price is $10.72.

Hedge Funds Weigh In On Invesco Preferred ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGX. Kingswood Wealth Advisors LLC bought a new stake in shares of Invesco Preferred ETF during the third quarter worth about $337,000. Sigma Planning Corp acquired a new position in shares of Invesco Preferred ETF in the third quarter valued at approximately $125,000. Madrona Financial Services LLC bought a new position in Invesco Preferred ETF in the 3rd quarter valued at approximately $154,000. Sowell Financial Services LLC bought a new position in Invesco Preferred ETF in the 3rd quarter valued at approximately $248,000. Finally, Capital Investment Advisors LLC bought a new position in Invesco Preferred ETF in the 3rd quarter valued at approximately $231,000. Institutional investors 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.