Invesco Preferred ETF (NYSEARCA:PGX) Hits New 1-Year Low – Here’s Why

Invesco Preferred ETF (NYSEARCA:PGX) reached a new 52-week low on Monday . The company traded as low as $11.22 and last traded at $11.22, with a volume of 4287511 shares. The stock had previously closed at $11.32.

Invesco Preferred ETF Price Performance

The company has a 50-day moving average price of $11.57 and a 200-day moving average price of $11.85.

Invesco Preferred ETF Increases Dividend

The company also recently declared a dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 24th were paid a dividend of $0.0563 per share. This is a boost from Invesco Preferred ETF’s previous dividend of $0.05. The ex-dividend date was Monday, March 24th.

Hedge Funds Weigh In On Invesco Preferred ETF

A number of institutional investors have recently modified their holdings of PGX. First Trust Advisors LP acquired a new stake in Invesco Preferred ETF in the 4th quarter worth about $110,748,000. Bank of America Corp DE boosted its position in shares of Invesco Preferred ETF by 14.9% in the fourth quarter. Bank of America Corp DE now owns 63,414,625 shares of the company’s stock worth $731,171,000 after acquiring an additional 8,205,825 shares during the last quarter. Cohen & Steers Inc. grew its holdings in Invesco Preferred ETF by 2,643,140.2% in the fourth quarter. Cohen & Steers Inc. now owns 4,995,724 shares of the company’s stock valued at $57,601,000 after purchasing an additional 4,995,535 shares during the period. Raymond James Financial Inc. purchased a new stake in Invesco Preferred ETF in the fourth quarter valued at approximately $29,537,000. Finally, JPMorgan Chase & Co. increased its position in Invesco Preferred ETF by 131.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,148,592 shares of the company’s stock worth $47,833,000 after purchasing an additional 2,359,356 shares during the last quarter.

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.