SPDR Wells Fargo Preferred Stock ETF (PSK) Rating Reiterated by Raymond James

SPDR Wells Fargo Preferred Stock ETF (NYSEARCA:PSK)‘s stock had its “average” rating restated by stock analysts at Raymond James in a research note issued on Friday, AnalystRatings.com reports. They currently have a $20.50 price target on the stock. Raymond James’ target price points to a potential downside of 52.19% from the stock’s current price.

Shares of NYSEARCA PSK traded up $0.11 during midday trading on Friday, hitting $42.88. 308 shares of the company’s stock were exchanged, compared to its average volume of 120,121. SPDR Wells Fargo Preferred Stock ETF has a twelve month low of $38.53 and a twelve month high of $43.90.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Insights Inc. acquired a new position in shares of SPDR Wells Fargo Preferred Stock ETF in the first quarter worth $208,000. Redhawk Wealth Advisors Inc. acquired a new position in shares of SPDR Wells Fargo Preferred Stock ETF in the first quarter worth $2,358,000. Redwood Investment Management LLC acquired a new position in shares of SPDR Wells Fargo Preferred Stock ETF in the first quarter worth $2,182,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of SPDR Wells Fargo Preferred Stock ETF by 13.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,425 shares of the company’s stock worth $529,000 after acquiring an additional 1,504 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of SPDR Wells Fargo Preferred Stock ETF by 125.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 11,820 shares of the company’s stock worth $504,000 after acquiring an additional 6,570 shares during the last quarter.

About SPDR Wells Fargo Preferred Stock 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.

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