iShares California Muni Bond ETF (NYSEARCA:CMF) Sees Large Volume Increase – Should You Buy?

Shares of iShares California Muni Bond ETF (NYSEARCA:CMF) saw unusually-high trading volume on Wednesday . Approximately 2,325,786 shares changed hands during mid-day trading, an increase of 294% from the previous session’s volume of 589,695 shares.The stock last traded at $54.6750 and had previously closed at $55.03.

iShares California Muni Bond ETF Trading Down 0.7%

The company’s 50-day moving average price is $56.27 and its two-hundred day moving average price is $56.91.

Institutional Investors Weigh In On iShares California Muni Bond ETF

A number of hedge funds have recently made changes to their positions in CMF. Wealthfront Advisers LLC grew its stake in shares of iShares California Muni Bond ETF by 21.3% during the first quarter. Wealthfront Advisers LLC now owns 6,199,721 shares of the company’s stock valued at $352,516,000 after buying an additional 1,089,990 shares during the last quarter. Syon Capital LLC boosted its position in iShares California Muni Bond ETF by 3.2% during the 2nd quarter. Syon Capital LLC now owns 1,395,697 shares of the company’s stock valued at $80,448,000 after buying an additional 43,569 shares during the period. Royal Bank of Canada grew its stake in shares of iShares California Muni Bond ETF by 4.7% in the first quarter. Royal Bank of Canada now owns 471,638 shares of the company’s stock worth $26,817,000 after purchasing an additional 21,217 shares during the last quarter. Assetmark Inc. grew its position in shares of iShares California Muni Bond ETF by 5.1% in the 1st quarter. Assetmark Inc. now owns 391,733 shares of the company’s stock worth $22,274,000 after buying an additional 18,851 shares during the last quarter. Finally, Sei Investments Co. increased its position in iShares California Muni Bond ETF by 0.7% during the 1st quarter. Sei Investments Co. now owns 308,912 shares of the company’s stock valued at $17,565,000 after purchasing an additional 2,189 shares during the period.

iShares California Muni Bond ETF Company Profile

iShares California AMT-Free Muni Bond ETF (the Fund), formerly iShares S&P California AMT-Free Municipal Bond Fund, is an exchange-traded fund (ETF). The Fund seeks to track the investment results of the S&P California AMT-Free Municipal Bond Index (the Index), which measures the performance of the investment-grade segment of the California municipal bond market and the components primarily include transportation and utilities companies. The Index is a subset of the S&P National AMT-Free Municipal Bond Index and is consists of municipal bonds issued in the State of California.