Financial Select Sector SPDR Fund (NYSEARCA:XLF) Hits New 52-Week High – Should You Buy?

Financial Select Sector SPDR Fund (NYSEARCA:XLF) hit a new 52-week high during trading on Wednesday. The stock traded as high as $58.80 and last traded at $58.6350, with a volume of 18,882,177 shares trading hands. The stock had previously closed at $57.19.

Financial Select Sector SPDR Fund Stock Down 0.5%

The stock has a market capitalization of $53.33 billion, a price-to-earnings ratio of 18.25 and a beta of 0.85. The firm has a fifty day moving average of $55.93 and a 200-day moving average of $53.82.

Institutional Investors Weigh In On Financial Select Sector SPDR Fund

A number of institutional investors and hedge funds have recently bought and sold shares of XLF. Bank of America Corp DE grew its position in Financial Select Sector SPDR Fund by 6.7% in the 1st quarter. Bank of America Corp DE now owns 85,978,579 shares of the exchange traded fund’s stock worth $4,244,762,000 after purchasing an additional 5,364,413 shares during the last quarter. WestEnd Advisors LLC bought a new stake in shares of Financial Select Sector SPDR Fund in the 3rd quarter valued at approximately $238,935,000. Renaissance Technologies LLC raised its stake in Financial Select Sector SPDR Fund by 105.8% during the first quarter. Renaissance Technologies LLC now owns 2,716,310 shares of the exchange traded fund’s stock worth $134,104,000 after acquiring an additional 1,396,500 shares in the last quarter. Unisphere Establishment increased its position in shares of Financial Select Sector SPDR Fund by 92.3% during the 1st quarter. Unisphere Establishment now owns 2,500,000 shares of the exchange traded fund’s stock worth $123,425,000 after purchasing an additional 1,200,000 shares in the last quarter. Finally, Optiver Holding B.V. increased its holdings in shares of Financial Select Sector SPDR Fund by 62.7% during the first quarter. Optiver Holding B.V. now owns 1,825,469 shares of the exchange traded fund’s stock worth $90,123,000 after buying an additional 703,576 shares in the last quarter. Hedge funds and other institutional investors own 72.51% of the company’s stock.

Financial Select Sector SPDR Fund Company Profile

The Fund seeks to provide investors with a low-cost passive approach for investing in a portfolio of equity securities of firms as represented by the Financial Select Sector Index.