Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) Sets New 52-Week Low – Here’s Why

Shares of Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) reached a new 52-week low during trading on Wednesday . The company traded as low as $18.57 and last traded at $18.57, with a volume of 285083 shares changing hands. The stock had previously closed at $18.66.

Principal Spectrum Preferred Securities Active ETF Stock Down 0.5%

The firm’s fifty day simple moving average is $18.81 and its 200 day simple moving average is $18.92.

Hedge Funds Weigh In On Principal Spectrum Preferred Securities Active ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in shares of Principal Spectrum Preferred Securities Active ETF by 4.4% in the 1st quarter. Bank of America Corp DE now owns 11,736,590 shares of the company’s stock valued at $220,883,000 after purchasing an additional 491,520 shares during the last quarter. Spartan Wealth Advisory Services LLC acquired a new position in Principal Spectrum Preferred Securities Active ETF during the first quarter worth $4,807,000. Principal Securities Inc. increased its position in Principal Spectrum Preferred Securities Active ETF by 37.8% during the fourth quarter. Principal Securities Inc. now owns 927,395 shares of the company’s stock worth $17,685,000 after buying an additional 254,600 shares during the last quarter. Cornerstone Advisors Asset Management LLC raised its holdings in Principal Spectrum Preferred Securities Active ETF by 30.0% during the second quarter. Cornerstone Advisors Asset Management LLC now owns 842,806 shares of the company’s stock valued at $16,064,000 after buying an additional 194,292 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Principal Spectrum Preferred Securities Active ETF by 20,935.1% in the first quarter. Fifth Third Bancorp now owns 105,596 shares of the company’s stock worth $1,987,000 after buying an additional 105,094 shares during the last quarter.

Principal Spectrum Preferred Securities Active ETF Company Profile

The Principal Spectrum Preferred Securities Active ETF (PREF) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund with a primary focus on $1,000 par preferred securities. PREF was launched on Jul 10, 2017 and is managed by Principal.