SPDR ICE Preferred Securities ETF (NYSEARCA:PSK) Reaches New 52-Week Low – Time to Sell?

SPDR ICE Preferred Securities ETF (NYSEARCA:PSK)’s share price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $28.00 and last traded at $27.9880, with a volume of 95126 shares trading hands. The stock had previously closed at $28.19.

SPDR ICE Preferred Securities ETF Trading Down 0.6%

The stock’s 50-day moving average is $29.39 and its two-hundred day moving average is $30.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PSK. Rosenberg Matthew Hamilton grew its stake in shares of SPDR ICE Preferred Securities ETF by 23.3% in the third quarter. Rosenberg Matthew Hamilton now owns 141,339 shares of the company’s stock valued at $4,006,000 after buying an additional 26,729 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in SPDR ICE Preferred Securities ETF by 3.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 624,490 shares of the company’s stock worth $19,066,000 after acquiring an additional 22,976 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in SPDR ICE Preferred Securities ETF during the 2nd quarter valued at about $3,677,000. NewEdge Advisors LLC grew its position in SPDR ICE Preferred Securities ETF by 2.5% in the 2nd quarter. NewEdge Advisors LLC now owns 26,441 shares of the company’s stock valued at $807,000 after acquiring an additional 651 shares in the last quarter. Finally, Financial Insights Inc. grew its position in SPDR ICE Preferred Securities ETF by 8.6% in the 2nd quarter. Financial Insights Inc. now owns 34,845 shares of the company’s stock valued at $1,064,000 after acquiring an additional 2,750 shares in the last quarter.

About SPDR ICE Preferred Securities ETF

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.