Redmont Wealth Advisors LLC Invests $3.42 Million in iShares Preferred and Income Securities ETF $PFF

Redmont Wealth Advisors LLC bought a new position in iShares Preferred and Income Securities ETF (NASDAQ:PFF) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 108,043 shares of the company’s stock, valued at approximately $3,416,000. iShares Preferred and Income Securities ETF comprises 4.7% of Redmont Wealth Advisors LLC’s portfolio, making the stock its 4th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Oak Family Advisors LLC purchased a new stake in shares of iShares Preferred and Income Securities ETF in the third quarter worth approximately $4,293,000. Bessemer Group Inc. lifted its stake in iShares Preferred and Income Securities ETF by 220.2% during the 3rd quarter. Bessemer Group Inc. now owns 137,617 shares of the company’s stock valued at $4,351,000 after acquiring an additional 94,639 shares in the last quarter. SVB Wealth LLC purchased a new position in iShares Preferred and Income Securities ETF during the 2nd quarter worth $2,549,000. NewEdge Advisors LLC grew its stake in shares of iShares Preferred and Income Securities ETF by 28.1% in the 2nd quarter. NewEdge Advisors LLC now owns 359,311 shares of the company’s stock worth $11,024,000 after acquiring an additional 78,817 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of iShares Preferred and Income Securities ETF by 6.9% in the second quarter. Baird Financial Group Inc. now owns 1,001,603 shares of the company’s stock valued at $30,729,000 after purchasing an additional 65,031 shares during the last quarter. Institutional investors and hedge funds own 4.70% of the company’s stock.

iShares Preferred and Income Securities ETF Stock Performance

iShares Preferred and Income Securities ETF stock opened at $31.78 on Thursday. iShares Preferred and Income Securities ETF has a fifty-two week low of $28.70 and a fifty-two week high of $32.26. The firm’s 50-day simple moving average is $31.44 and its 200 day simple moving average is $31.40. The stock has a market cap of $14.17 billion, a PE ratio of 3.71 and a beta of 0.53.

iShares Preferred and Income Securities ETF Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Thursday, February 5th. Stockholders of record on Monday, February 2nd were issued a $0.1772 dividend. This is a boost from iShares Preferred and Income Securities ETF’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a dividend yield of 6.7%. The ex-dividend date of this dividend was Monday, February 2nd.

About iShares Preferred and Income Securities ETF

iShares U.S. Preferred Stock ETF (the Fund) is an exchange-traded fund. The Fund seeks investment results, which correspond to the price and yield performance, before fees and expenses, of the S&P U.S. Preferred Stock Index (the Underlying Index). The Underlying Index measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (NYSE), NYSE Arca, Inc (NYSE Arca), NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market or NASDAQ Capital Market. The Underlying Index includes preferred stocks with a market capitalization over $100 million, which meet minimum price, liquidity, trading volume, maturity and other requirements determined by Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw Hill Companies (S&P).