Invesco Preferred ETF (NYSEARCA:PGX) Sees Large Drop in Short Interest

Invesco Preferred ETF (NYSEARCA:PGX) was the target of a significant decrease in short interest during the month of February. As of February 27th, there was short interest totaling 4,844,502 shares, a decrease of 13.7% from the February 12th total of 5,611,886 shares. Based on an average daily trading volume, of 2,116,669 shares, the short-interest ratio is currently 2.3 days. Currently, 1.4% of the shares of the company are short sold. Currently, 1.4% of the shares of the company are short sold. Based on an average daily trading volume, of 2,116,669 shares, the short-interest ratio is currently 2.3 days.

Hedge Funds Weigh In On Invesco Preferred ETF

Large investors have recently added to or reduced their stakes in the company. Cohen & Steers Inc. lifted its stake in shares of Invesco Preferred ETF by 1,881.8% during the 4th quarter. Cohen & Steers Inc. now owns 2,157,935 shares of the company’s stock valued at $24,255,000 after buying an additional 2,049,049 shares in the last quarter. First Trust Advisors LP bought a new position in Invesco Preferred ETF in the 4th quarter worth approximately $22,103,000. Spectrum Asset Management Inc. grew its holdings in Invesco Preferred ETF by 47.9% during the 4th quarter. Spectrum Asset Management Inc. now owns 5,372,426 shares of the company’s stock valued at $60,386,000 after buying an additional 1,739,156 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Invesco Preferred ETF by 2.1% in the third quarter. Bank of America Corp DE now owns 65,973,646 shares of the company’s stock worth $765,294,000 after buying an additional 1,333,558 shares in the last quarter. Finally, UBS Group AG grew its stake in Invesco Preferred ETF by 32.2% during the fourth quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock valued at $60,084,000 after acquiring an additional 1,300,981 shares in the last quarter. Hedge funds and other institutional investors own 8.60% of the company’s stock.

Invesco Preferred ETF Trading Down 0.6%

Shares of PGX stock traded down $0.07 during mid-day trading on Wednesday, reaching $11.15. 783,736 shares of the company’s stock traded hands, compared to its average volume of 4,062,543. Invesco Preferred ETF has a 12 month low of $10.70 and a 12 month high of $11.92. The firm has a 50 day moving average price of $11.37 and a two-hundred day moving average price of $11.43.

Invesco Preferred ETF Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, February 27th. Stockholders of record on Monday, February 23rd were given a dividend of $0.0543 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, February 23rd.

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.