Invesco Preferred ETF (NYSEARCA:PGX) Hits New 1-Year Low – What’s Next?

Invesco Preferred ETF (NYSEARCA:PGX) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $10.36 and last traded at $10.3650, with a volume of 155233 shares changing hands. The stock had previously closed at $10.38.

Invesco Preferred ETF Price Performance

The stock’s fifty day moving average is $10.66 and its 200 day moving average is $10.91.

Institutional Investors Weigh In On Invesco Preferred ETF

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in Invesco Preferred ETF by 3.4% during the 1st quarter. Bank of America Corp DE now owns 81,133,531 shares of the company’s stock worth $882,733,000 after purchasing an additional 2,684,132 shares during the period. Cohen & Steers Inc. lifted its holdings in shares of Invesco Preferred ETF by 1,881.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,157,935 shares of the company’s stock worth $24,255,000 after buying an additional 2,049,049 shares during the period. New England Private Wealth Advisors LLC grew its position in shares of Invesco Preferred ETF by 2,024.5% during the 4th quarter. New England Private Wealth Advisors LLC now owns 1,227,261 shares of the company’s stock worth $13,817,000 after buying an additional 1,169,495 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Invesco Preferred ETF by 1,385.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 578,008 shares of the company’s stock valued at $6,497,000 after buying an additional 539,097 shares during the period. Finally, Clearstead Advisors LLC increased its stake in shares of Invesco Preferred ETF by 38.4% during the fourth quarter. Clearstead Advisors LLC now owns 1,682,990 shares of the company’s stock valued at $18,917,000 after buying an additional 466,546 shares during the period. 8.60% of the stock is owned by institutional investors.

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.