Spectrum Asset Management Inc. Has $42.46 Million Stake in Invesco Preferred ETF $PGX

Spectrum Asset Management Inc. trimmed its holdings in Invesco Preferred ETF (NYSEARCA:PGX – Free Report) by 27.4% during the first quarter, Holdings Channel reports. The firm owned 3,902,745 shares of the company’s stock after selling 1,469,681 shares during the quarter. Invesco Preferred ETF comprises about 84.8% of Spectrum Asset Management Inc.’s holdings, making the stock its largest position. Spectrum Asset Management Inc.’s holdings in Invesco Preferred ETF were worth $42,462,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PGX. Bank of America Corp DE increased its holdings in 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 purchasing an additional 1,333,558 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Invesco Preferred ETF by 4.2% in the fourth quarter. Wells Fargo & Company MN now owns 15,374,528 shares of the company’s stock worth $172,810,000 after purchasing an additional 625,748 shares during the period. UBS Group AG grew its holdings in Invesco Preferred ETF by 32.2% in the fourth quarter. UBS Group AG now owns 5,345,570 shares of the company’s stock worth $60,084,000 after purchasing an additional 1,300,981 shares during the period. JPMorgan Chase & Co. increased its stake in Invesco Preferred ETF by 19.6% in the fourth quarter. JPMorgan Chase & Co. now owns 5,308,493 shares of the company’s stock valued at $59,667,000 after purchasing an additional 871,430 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Invesco Preferred ETF by 14.6% during the fourth quarter. Royal Bank of Canada now owns 3,722,216 shares of the company’s stock valued at $41,838,000 after purchasing an additional 473,428 shares during the period. Institutional investors own 8.60% of the company’s stock.

Invesco Preferred ETF Price Performance

PGX stock opened at $10.83 on Tuesday. The company’s 50-day moving average is $10.96 and its 200-day moving average is $11.15. Invesco Preferred ETF has a 1 year low of $10.76 and a 1 year high of $11.92.

About Invesco Preferred ETF

(Free Report)

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.

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