Invesco Preferred ETF (NYSEARCA:PGX) Reaches New 52-Week Low – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX)’s share price reached a new 52-week low on Wednesday. The company traded as low as $9.98 and last traded at $10.0050, with a volume of 455545 shares trading hands. The stock had previously closed at $10.06.

Invesco Preferred ETF Stock Performance

The firm’s 50-day simple moving average is $10.49 and its 200 day simple moving average is $10.81.

Institutional Investors Weigh In On Invesco Preferred ETF

A number of institutional investors and hedge funds have recently made changes to their positions in PGX. Tompkins Financial Corp acquired a new stake in shares of Invesco Preferred ETF in the 3rd quarter valued at approximately $25,000. Bangor Savings Bank bought a new stake in shares of Invesco Preferred ETF in the 3rd quarter valued at about $30,000. First United Bank & Trust raised its holdings in shares of Invesco Preferred ETF by 32.1% in the 1st quarter. First United Bank & Trust now owns 4,343 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the period. Bayban acquired a new stake in Invesco Preferred ETF in the 4th quarter valued at about $52,000. Finally, Global Assets Advisory LLC acquired a new stake in Invesco Preferred ETF in the 1st quarter valued at about $52,000. Institutional investors own 8.60% of the company’s stock.

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.