Invesco Preferred ETF (NYSEARCA:PGX) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Invesco Preferred ETF (NYSEARCA:PGX) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.39 and traded as low as $10.88. Invesco Preferred ETF shares last traded at $10.88, with a volume of 4,231,179 shares changing hands.

Invesco Preferred ETF Trading Up 0.4%

The business’s 50-day simple moving average is $11.28 and its two-hundred day simple moving average is $11.38.

Invesco Preferred ETF Cuts Dividend

The company also recently disclosed a monthly dividend, which was paid on Friday, February 27th. Stockholders of record on Monday, February 23rd were paid a $0.0543 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Monday, February 23rd.

Hedge Funds Weigh In On Invesco Preferred ETF

A number of hedge funds have recently bought and sold shares of PGX. SG Americas Securities LLC increased its position in Invesco Preferred ETF by 110.0% in the 3rd quarter. SG Americas Securities LLC now owns 382,831 shares of the company’s stock valued at $4,441,000 after buying an additional 200,531 shares in the last quarter. Bank of America Corp DE raised its position in shares of Invesco Preferred ETF by 2.1% during the third quarter. Bank of America Corp DE now owns 65,973,646 shares of the company’s stock worth $765,294,000 after purchasing an additional 1,333,558 shares during the period. Cary Street Partners Financial LLC lifted its holdings in shares of Invesco Preferred ETF by 5.6% in the 3rd quarter. Cary Street Partners Financial LLC now owns 1,092,414 shares of the company’s stock worth $12,672,000 after purchasing an additional 58,203 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Invesco Preferred ETF by 6.4% in the 3rd quarter. Checchi Capital Advisers LLC now owns 1,550,907 shares of the company’s stock worth $17,991,000 after purchasing an additional 93,853 shares in the last quarter. Finally, Allworth Financial LP grew its position in Invesco Preferred ETF by 7.1% in the 3rd quarter. Allworth Financial LP now owns 3,050,046 shares of the company’s stock valued at $35,381,000 after purchasing an additional 201,458 shares during the period. 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.