SPDR S&P Insurance ETF (NYSEARCA:KIE) Reaches New 52-Week High – Time to Buy?

SPDR S&P Insurance ETF (NYSEARCA:KIE) hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $67.19 and last traded at $66.9050, with a volume of 198,747 shares. The stock had previously closed at $65.78.

SPDR S&P Insurance ETF Price Performance

The stock has a market cap of $533.37 million, a price-to-earnings ratio of 14.40 and a beta of 0.57. The firm’s fifty day moving average price is $62.04 and its two-hundred day moving average price is $59.72.

Institutional Investors Weigh In On SPDR S&P Insurance ETF

A number of hedge funds have recently added to or reduced their stakes in KIE. Bank of America Corp DE boosted its position in shares of SPDR S&P Insurance ETF by 68.9% during the first quarter. Bank of America Corp DE now owns 551,932 shares of the exchange traded fund’s stock valued at $30,356,000 after buying an additional 225,106 shares during the last quarter. Cumberland Advisors Inc. bought a new stake in SPDR S&P Insurance ETF in the third quarter worth about $7,001,000. Triangle Securities Wealth Management purchased a new position in SPDR S&P Insurance ETF in the third quarter valued at approximately $4,598,000. Walleye Capital LLC bought a new position in shares of SPDR S&P Insurance ETF during the 1st quarter worth $2,740,000. Finally, Toth Financial Advisory Corp bought a new position in shares of SPDR S&P Insurance ETF during the 3rd quarter worth $1,394,000.

About SPDR S&P Insurance ETF

The SPDR S&P Insurance ETF (the Fund), formerly SPDR KBW Insurance ETF, seeks to closely match the returns and characteristics of the S&P Banks Select Industry Index. The Fund invests all, but at least 80%, of its total assets in the securities comprising the Index. The Fund invests in all of the securities represented in the Index in approximately the same proportions as the Index. The S&P Banks Select Industry Index is a float adjusted modified-market, capitalization-weighted index that seeks to reflect the performance of publicly traded companies that do business as banks or thrifts.