SPDR ICE Preferred Securities ETF (NYSEARCA:PSK) Reaches New 52-Week Low – Time to Sell?

SPDR ICE Preferred Securities ETF (NYSEARCA:PSK) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $28.77 and last traded at $28.8430, with a volume of 27260 shares. The stock had previously closed at $28.88.

SPDR ICE Preferred Securities ETF Stock Down 0.1%

The firm’s fifty day simple moving average is $29.73 and its 200 day simple moving average is $30.58.

Hedge Funds Weigh In On SPDR ICE Preferred Securities ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its holdings in shares of SPDR ICE Preferred Securities ETF by 568.7% during the fourth quarter. IFP Advisors Inc now owns 2,608 shares of the company’s stock valued at $83,000 after buying an additional 2,218 shares in the last quarter. Amicus Financial Advisors LLC acquired a new stake in shares of SPDR ICE Preferred Securities ETF in the 4th quarter valued at $240,000. WealthPoint Financial LLC bought a new stake in SPDR ICE Preferred Securities ETF in the fourth quarter worth $259,000. Fifth Third Bancorp bought a new stake in SPDR ICE Preferred Securities ETF in the first quarter worth $445,000. Finally, Cornerstone Financial Group LLC NE increased its position in SPDR ICE Preferred Securities ETF by 3.7% during the fourth quarter. Cornerstone Financial Group LLC NE now owns 20,111 shares of the company’s stock worth $637,000 after buying an additional 719 shares during the last quarter.

About SPDR ICE Preferred Securities ETF

SPDR Wells Fargo Preferred Stock ETF (the Fund) seeks to replicate the total return of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the Index). The Index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.