On September 19, 2023, it was reported that Worth Asset Management LLC had reduced its holdings in shares of the iShares Preferred and Income Securities ETF (NASDAQ:PFF) by 62.0% during the second quarter. This information was disclosed in their most recent filing with the Securities and Exchange Commission (SEC). As a result of this sale, Worth Asset Management LLC now owns only 4,080 shares of the company’s stock, having sold 6,656 shares during the mentioned period. The total value of Worth Asset Management LLC’s holdings in the iShares Preferred and Income Securities ETF at that time was $126,000.
For those interested in exploring other hedge funds holding PFF, HoldingsChannel.com provides access to the latest 13F filings and insider trades for the iShares Preferred and Income Securities ETF (NASDAQ:PFF).
In addition to this development, the company recently announced a monthly dividend payment on Friday, September 8th. Shareholders who were on record as of Tuesday, September 5th received a dividend of $0.154 per share. This translates to an annualized dividend amount of $1.85 per share and a dividend yield of 6.04%. It is worth noting that the ex-dividend date for this dividend was Friday, September 1st.
Investors who follow Worth Asset Management LLC’s activities closely may find this reduction in holdings significant. Meanwhile, those who are interested in monitoring dividends in relation to returns may find it worthwhile to keep track of upcoming ex-dividend dates for companies such as iShares Preferred and Income Securities ETF (NASDAQ:PFF).
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Hedge Funds Increasing Interest in iShares Preferred and Income Securities ETF as Performance Remains Strong in Volatile Market
In recent months, several hedge funds have shown increased interest in iShares Preferred and Income Securities ETF (NASDAQ:PFF), while others have reduced their stakes in the company. Stonebridge Capital Advisors LLC, for example, increased its position in the ETF by 13.9% during the first quarter of this year. With an additional purchase of 480 shares, Stonebridge now owns a total of 3,936 shares valued at $143,000.
OLD Mission Capital LLC also entered the scene during the fourth quarter of last year with a new position in iShares Preferred and Income Securities ETF. The value of their acquisition amounted to approximately $126,000. In the same vein, Fairfield Bush & CO. joined the ranks of institutional investors and hedge funds in the first quarter of this year with a new position worth around $152,000.
Princeton Global Asset Management LLC made a similar move during the same period by increasing its position in iShares Preferred and Income Securities ETF by 11.4%. Their additional purchase of 500 shares brings their total ownership to 4,890 shares valued at $153,000.
Lastly, Financial Management Professionals Inc., after buying an additional 1,660 shares during the first quarter, now owns a total of 6,039 shares worth $189,000. These transactions combined make up approximately 4.28% of the stock owned by these institutional investors and hedge funds.
On Tuesday morning, NASDAQ:PFF opened at $30.62 per share. Over the past 50 days, it has maintained a moving average of $30.61 and over 200 days it has held steady at $30.56. With a market capitalization of nearly $12.98 billion and a P/E ratio standing at 8.31, iShares Preferred and Income Securities ETF is continuing to attract attention in the financial world.
Moreover, this particular ETF exhibits a beta of 0.51, indicating lower volatility compared to the broader market. In the past year, its price has fluctuated between a low of $29.18 and a high of $33.90.
iShares U.S. Preferred Stock ETF is an exchange-traded fund that seeks investment results corresponding to the price and yield performance of the S&P U.S. Preferred Stock Index (the Underlying Index). This index measures the performance of a select group of preferred stocks listed on various major stock exchanges, including NYSE, NYSE Arca, Inc., NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market, and NASDAQ Capital Market.
As institutional investors and hedge funds continue to show interest in iShares Preferred and Income Securities ETF, it will be interesting to track its performance in relation to the Underlying Index. Investors seeking exposure to the preferred stock market may find this ETF a suitable investment option for their portfolios.
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