Aviance Capital Management LLC Cuts Stake in First Trust Institutional Preferred Securities and Income ETF (FPEI)

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Aviance Capital Management LLC trimmed its position in First Trust Institutional Preferred Securities and Income ETF (NYSEARCA:FPEI) by 30.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,630 shares of the company’s stock after selling 8,145 shares during the period. Aviance Capital Management LLC’s holdings in First Trust Institutional Preferred Securities and Income ETF were worth $354,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in shares of First Trust Institutional Preferred Securities and Income ETF by 4.2% in the second quarter. Bank of America Corp DE now owns 384,924 shares of the company’s stock valued at $7,313,000 after purchasing an additional 15,565 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of First Trust Institutional Preferred Securities and Income ETF by 11.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 375,959 shares of the company’s stock valued at $7,143,000 after purchasing an additional 39,231 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of First Trust Institutional Preferred Securities and Income ETF in the second quarter valued at about $3,423,000. Advisory Services Network LLC bought a new stake in shares of First Trust Institutional Preferred Securities and Income ETF in the second quarter valued at about $1,875,000. Finally, Royal Bank of Canada lifted its holdings in shares of First Trust Institutional Preferred Securities and Income ETF by 64.7% in the first quarter. Royal Bank of Canada now owns 54,535 shares of the company’s stock valued at $1,063,000 after purchasing an additional 21,421 shares in the last quarter.

Shares of First Trust Institutional Preferred Securities and Income ETF stock opened at $18.79 on Thursday. First Trust Institutional Preferred Securities and Income ETF has a one year low of $18.24 and a one year high of $20.31.

The business also recently announced a monthly dividend, which was paid on Wednesday, October 31st. Investors of record on Wednesday, October 24th were given a $0.0888 dividend. The ex-dividend date was Tuesday, October 23rd. This represents a $1.07 dividend on an annualized basis and a dividend yield of 5.67%. This is an increase from First Trust Institutional Preferred Securities and Income ETF’s previous monthly dividend of $0.08.

Further Reading: Why is the conference call important?

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Institutional Ownership by Quarter for First Trust Institutional Preferred Securities and Income ETF (NYSEARCA:FPEI)

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