Invesco Preferred ETF (NYSEARCA:PGX) Sees Large Drop in Short Interest

Invesco Preferred ETF (NYSEARCA:PGX) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 4,535,895 shares, a decrease of 48.6% from the December 31st total of 8,824,896 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average daily trading volume, of 6,499,448 shares, the short-interest ratio is currently 0.7 days. Based on an average daily trading volume, of 6,499,448 shares, the short-interest ratio is currently 0.7 days. Currently, 1.3% of the company’s stock are short sold.

Invesco Preferred ETF Price Performance

PGX stock remained flat at $11.39 during midday trading on Friday. 2,564,120 shares of the company’s stock were exchanged, compared to its average volume of 6,158,481. The firm has a 50 day moving average price of $11.31 and a 200-day moving average price of $11.43. Invesco Preferred ETF has a 1-year low of $10.70 and a 1-year high of $11.92.

Invesco Preferred ETF Increases Dividend

The company also recently declared a monthly dividend, which was paid on Friday, January 23rd. Shareholders of record on Tuesday, January 20th were paid a dividend of $0.0638 per share. This represents a c) annualized dividend and a yield of 6.7%. This is an increase from Invesco Preferred ETF’s previous monthly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, January 20th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGX. Bank of America Corp DE boosted its stake in shares of Invesco Preferred ETF by 2.1% during the 3rd quarter. Bank of America Corp DE now owns 65,973,646 shares of the company’s stock worth $765,294,000 after acquiring an additional 1,333,558 shares during the last quarter. UBS Group AG lifted its position in Invesco Preferred ETF by 32.2% during the fourth quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock valued at $60,084,000 after purchasing an additional 1,300,981 shares in the last quarter. Spectrum Asset Management Inc. grew its holdings in Invesco Preferred ETF by 28.4% during the second quarter. Spectrum Asset Management Inc. now owns 4,669,495 shares of the company’s stock valued at $51,972,000 after purchasing an additional 1,033,904 shares during the period. JPMorgan Chase & Co. increased its position in Invesco Preferred ETF by 7.2% in the third quarter. JPMorgan Chase & Co. now owns 4,437,063 shares of the company’s stock worth $51,470,000 after buying an additional 298,013 shares in the last quarter. Finally, Allworth Financial LP increased its position in Invesco Preferred ETF by 7.1% in the third quarter. Allworth Financial LP now owns 3,050,046 shares of the company’s stock worth $35,381,000 after buying an additional 201,458 shares in the last quarter. Hedge funds and other institutional investors own 8.60% of the company’s stock.

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. 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.