Invesco Preferred ETF (NYSEARCA:PGX) Share Price Passes Above 50 Day Moving Average – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.32 and traded as high as $11.40. Invesco Preferred ETF shares last traded at $11.39, with a volume of 1,894,323 shares traded.

Invesco Preferred ETF Price Performance

The company has a 50 day simple moving average of $11.32 and a 200 day simple moving average of $11.44.

Invesco Preferred ETF Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, January 23rd. Investors of record on Tuesday, January 20th were issued a dividend of $0.0638 per share. The ex-dividend date was Tuesday, January 20th. This is a positive change from Invesco Preferred ETF’s previous monthly dividend of $0.05. This represents a c) annualized dividend and a yield of 6.7%.

Institutional Investors Weigh In On Invesco Preferred ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGX. Triumph Capital Management bought a new position in Invesco Preferred ETF in the third quarter valued at approximately $29,000. Ransom Advisory Ltd bought a new position in shares of Invesco Preferred ETF in the fourth quarter valued at $31,000. Clearstead Trust LLC acquired a new position in Invesco Preferred ETF during the second quarter worth $32,000. Motco bought a new stake in Invesco Preferred ETF during the second quarter worth $39,000. Finally, WealthShield Partners LLC raised its position in Invesco Preferred ETF by 753.8% during the third quarter. WealthShield Partners LLC now owns 3,885 shares of the company’s stock worth $45,000 after acquiring an additional 3,430 shares in the last quarter. 8.60% of the stock is currently owned by institutional investors and hedge funds.

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.