PowerShares Fin. Preferred Port. (PGF) Given “Sell” Rating at Canaccord Genuity

PowerShares Fin. Preferred Port. (NYSEARCA:PGF)‘s stock had its “sell” rating reaffirmed by equities research analysts at Canaccord Genuity in a research report issued to clients and investors on Thursday. They presently have a $1.00 price target on the exchange traded fund’s stock. Canaccord Genuity’s target price suggests a potential downside of 94.64% from the stock’s previous close.

A number of other brokerages also recently commented on PGF. AltaCorp Capital restated a “hold” rating and set a $1.15 price objective on shares of PowerShares Fin. Preferred Port. in a research report on Tuesday. Royal Bank of Canada restated a “hold” rating on shares of PowerShares Fin. Preferred Port. in a research report on Monday, October 23rd.

Shares of PowerShares Fin. Preferred Port. (NYSEARCA PGF) traded down $0.02 during trading on Thursday, reaching $18.64. 493,113 shares of the company’s stock were exchanged, compared to its average volume of 431,642. The stock has a market cap of $1,640.00 and a P/E ratio of 12.34. PowerShares Fin. Preferred Port. has a 52 week low of $18.07 and a 52 week high of $19.17.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wolverine Trading LLC boosted its stake in shares of PowerShares Fin. Preferred Port. by 590.5% during the 3rd quarter. Wolverine Trading LLC now owns 74,549 shares of the exchange traded fund’s stock worth $1,414,000 after purchasing an additional 89,749 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of PowerShares Fin. Preferred Port. by 22.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 467,100 shares of the exchange traded fund’s stock worth $8,861,000 after purchasing an additional 84,400 shares during the last quarter. Pinebridge Investments L.P. acquired a new stake in shares of PowerShares Fin. Preferred Port. during the 3rd quarter worth about $1,136,000. Susquehanna International Group LLP boosted its stake in shares of PowerShares Fin. Preferred Port. by 456.3% during the 3rd quarter. Susquehanna International Group LLP now owns 41,330 shares of the exchange traded fund’s stock worth $784,000 after purchasing an additional 52,930 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of PowerShares Fin. Preferred Port. by 48.8% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 122,761 shares of the exchange traded fund’s stock worth $2,330,000 after purchasing an additional 40,261 shares during the last quarter.

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PowerShares Fin. Preferred Port. Company Profile

PowerShares Financial Preferred Portfolio (the Fund) is a non-diversified fund. The Fund is based on the Wells Fargo Hybrid and Preferred Financial Index (WHPSF Financial Index) (the Index). The Index tracks the performance of the United States-listed securities issued by financial institutions. The Index is rebalanced monthly.

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