iShares New York Muni Bond ETF (NYSEARCA:NYF) Sees Unusually-High Trading Volume – Still a Buy?

iShares New York Muni Bond ETF (NYSEARCA:NYF) shares saw unusually-strong trading volume on Thursday. Approximately 747,321 shares changed hands during mid-day trading, an increase of 183% from the previous session’s volume of 263,815 shares. The stock last traded at $51.6140 and had previously closed at $51.21.

iShares New York Muni Bond ETF Stock Performance

The firm’s 50-day simple moving average is $51.59 and its two-hundred day simple moving average is $52.80.

Institutional Investors Weigh In On iShares New York Muni Bond ETF

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC lifted its stake in shares of iShares New York Muni Bond ETF by 1,070.2% during the fourth quarter. Hsbc Holdings PLC now owns 323,084 shares of the company’s stock worth $17,288,000 after buying an additional 295,475 shares during the period. NBT Bank N.A. acquired a new position in shares of iShares New York Muni Bond ETF in the 3rd quarter valued at $4,828,000. Bank of America Corp DE increased its position in shares of iShares New York Muni Bond ETF by 12.9% in the 1st quarter. Bank of America Corp DE now owns 763,210 shares of the company’s stock valued at $40,542,000 after acquiring an additional 87,081 shares during the period. Envestnet Asset Management Inc. increased its position in shares of iShares New York Muni Bond ETF by 23.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 306,420 shares of the company’s stock valued at $16,518,000 after acquiring an additional 57,690 shares during the period. Finally, Carnegie Investment Counsel acquired a new position in shares of iShares New York Muni Bond ETF in the 3rd quarter valued at $2,825,000.

About iShares New York Muni Bond ETF

iShares New York AMT-Free Muni Bond ETF, formerly iShares S&P New York AMT-Free Municipal Bond Fund (the Fund), is an exchange traded fund. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2016 IndexTM (the Index). The Underlying Index measures the performance of investment-grade, noncallable United States municipal bonds maturing in 2016. The Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from United States federal income taxes and the federal alternative minimum tax (AMT).