Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) saw strong trading volume on Tuesday . 385,805 shares changed hands during trading, an increase of 79% from the previous session’s volume of 215,920 shares.The stock last traded at $18.74 and had previously closed at $18.76.

Principal Spectrum Preferred Securities Active ETF Stock Performance

The business’s 50 day simple moving average is $18.72 and its 200-day simple moving average is $18.53.

Institutional Investors Weigh In On Principal Spectrum Preferred Securities Active ETF

Several hedge funds have recently modified their holdings of PREF. Raymond James & Associates lifted its stake in shares of Principal Spectrum Preferred Securities Active ETF by 7.4% in the second quarter. Raymond James & Associates now owns 980,301 shares of the company’s stock worth $17,861,000 after acquiring an additional 67,837 shares during the period. Cornerstone Wealth Group LLC raised its stake in shares of Principal Spectrum Preferred Securities Active ETF by 1.1% in the second quarter. Cornerstone Wealth Group LLC now owns 702,701 shares of the company’s stock worth $12,803,000 after purchasing an additional 7,799 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Principal Spectrum Preferred Securities Active ETF by 36.8% in the second quarter. Bank of New York Mellon Corp now owns 34,795 shares of the company’s stock valued at $634,000 after purchasing an additional 9,352 shares during the last quarter. Principal Financial Group Inc. boosted its position in Principal Spectrum Preferred Securities Active ETF by 17.7% in the second quarter. Principal Financial Group Inc. now owns 98,243 shares of the company’s stock worth $1,790,000 after purchasing an additional 14,804 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Principal Spectrum Preferred Securities Active ETF by 19.5% in the 2nd quarter. Farther Finance Advisors LLC now owns 18,915 shares of the company’s stock valued at $344,000 after purchasing an additional 3,087 shares during the period.

Principal Spectrum Preferred Securities Active ETF Company Profile

The Principal Spectrum Preferred Securities Active ETF (PREF) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund with a primary focus on $1,000 par preferred securities. PREF was launched on Jul 10, 2017 and is managed by Principal.