Financial Select Sector SPDR Fund (NYSEARCA:XLF) Sets New 12-Month High – Still a Buy?

Financial Select Sector SPDR Fund (NYSEARCA:XLF)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $46.32 and last traded at $46.24, with a volume of 3442502 shares changing hands. The stock had previously closed at $45.63.

Financial Select Sector SPDR Fund Trading Up 2.0 %

The firm has a market cap of $43.40 billion, a price-to-earnings ratio of 18.32 and a beta of 0.83. The stock has a 50-day moving average of $44.39 and a 200-day moving average of $42.55.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Financial Select Sector SPDR Fund by 18.8% during the 1st quarter. JPMorgan Chase & Co. now owns 144,130,208 shares of the exchange traded fund’s stock worth $6,070,764,000 after acquiring an additional 22,835,066 shares during the period. LPL Financial LLC raised its stake in shares of Financial Select Sector SPDR Fund by 4.0% in the 2nd quarter. LPL Financial LLC now owns 13,783,914 shares of the exchange traded fund’s stock worth $566,657,000 after buying an additional 525,305 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Financial Select Sector SPDR Fund by 266.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 11,000,000 shares of the exchange traded fund’s stock worth $452,210,000 after buying an additional 8,000,000 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Financial Select Sector SPDR Fund by 31.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 10,798,325 shares of the exchange traded fund’s stock worth $443,919,000 after buying an additional 2,566,731 shares in the last quarter. Finally, CHURCHILL MANAGEMENT Corp raised its stake in shares of Financial Select Sector SPDR Fund by 21.8% in the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 8,632,444 shares of the exchange traded fund’s stock worth $363,599,000 after buying an additional 1,542,640 shares in the last quarter.

About Financial Select Sector SPDR Fund

The Fund seeks to provide investors with a low-cost passive approach for investing in a portfolio of equity securities of firms as represented by the Financial Select Sector Index.