Kovack Advisors Inc. bought a new stake in SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,535 shares of the company’s stock, valued at approximately $236,000.

Other hedge funds have also recently modified their holdings of the company. Princeton Global Asset Management LLC bought a new stake in shares of SPDR Wells Fargo Preferred Stock ETF in the 4th quarter valued at about $32,000. Intercontinental Wealth Advisors LLC bought a new stake in shares of SPDR Wells Fargo Preferred Stock ETF in the 4th quarter valued at about $43,000. Advisors Preferred LLC bought a new stake in shares of SPDR Wells Fargo Preferred Stock ETF in the 1st quarter valued at about $60,000. Destination Wealth Management raised its holdings in shares of SPDR Wells Fargo Preferred Stock ETF by 325.3% in the 4th quarter. Destination Wealth Management now owns 2,922 shares of the company’s stock valued at $116,000 after purchasing an additional 2,235 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of SPDR Wells Fargo Preferred Stock ETF by 43.4% in the 4th quarter. IFP Advisors Inc now owns 3,816 shares of the company’s stock valued at $150,000 after purchasing an additional 1,154 shares during the period.

Shares of NYSEARCA:PSK opened at $42.68 on Wednesday. SPDR Wells Fargo Preferred Stock ETF has a 12-month low of $38.53 and a 12-month high of $43.90.

The firm also recently announced a monthly dividend, which was paid on Tuesday, May 7th. Shareholders of record on Thursday, May 2nd were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, May 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.62%.

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SPDR Wells Fargo Preferred Stock ETF Profile

SPDR Wells Fargo Preferred Stock ETF (the Fund) seeks to replicate the total return of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the Index). The Index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.

Further Reading: Short Selling Stocks, A Beginner’s Guide

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Institutional Ownership by Quarter for SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK)

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