Invesco Preferred ETF (NYSEARCA:PGX) Hits New 1-Year Low – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $11.22 and last traded at $11.22, with a volume of 4287511 shares changing hands. The stock had previously closed at $11.32.

Invesco Preferred ETF Stock Performance

The company’s 50 day simple moving average is $11.57 and its 200 day simple moving average is $11.85.

Invesco Preferred ETF Increases Dividend

The company also recently announced a dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 24th were issued a dividend of $0.0563 per share. This is a boost from Invesco Preferred ETF’s previous dividend of $0.05. The ex-dividend date of this dividend was Monday, March 24th.

Hedge Funds Weigh In On Invesco Preferred ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP bought a new stake in shares of Invesco Preferred ETF in the 4th quarter worth $110,748,000. Bank of America Corp DE grew its holdings in Invesco Preferred ETF by 14.9% during the fourth quarter. Bank of America Corp DE now owns 63,414,625 shares of the company’s stock worth $731,171,000 after acquiring an additional 8,205,825 shares during the period. Cohen & Steers Inc. grew its holdings in Invesco Preferred ETF by 2,643,140.2% during the fourth quarter. Cohen & Steers Inc. now owns 4,995,724 shares of the company’s stock worth $57,601,000 after acquiring an additional 4,995,535 shares during the period. Raymond James Financial Inc. bought a new stake in Invesco Preferred ETF in the fourth quarter worth about $29,537,000. Finally, JPMorgan Chase & Co. lifted its holdings in Invesco Preferred ETF by 131.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,148,592 shares of the company’s stock valued at $47,833,000 after acquiring an additional 2,359,356 shares during the last quarter.

About Invesco Preferred ETF

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.