ProShares Ultra Financials (NYSEARCA:UYG) Sees Strong Trading Volume – Still a Buy?

ProShares Ultra Financials (NYSEARCA:UYG) shares saw unusually-high trading volume on Thursday . Approximately 50,524 shares changed hands during trading, an increase of 120% from the previous session’s volume of 22,961 shares.The stock last traded at $70.53 and had previously closed at $78.76.

ProShares Ultra Financials Price Performance

The company has a fifty day simple moving average of $89.12 and a two-hundred day simple moving average of $87.53. The company has a market capitalization of $709.52 million, a P/E ratio of 15.90 and a beta of 2.13.

ProShares Ultra Financials Increases Dividend

The business also recently announced a dividend, which was paid on Tuesday, April 1st. Investors of record on Wednesday, March 26th were issued a $0.2736 dividend. This is a positive change from ProShares Ultra Financials’s previous dividend of $0.11. The ex-dividend date was Wednesday, March 26th.

Hedge Funds Weigh In On ProShares Ultra Financials

A number of institutional investors have recently modified their holdings of UYG. Global Retirement Partners LLC acquired a new position in ProShares Ultra Financials in the 4th quarter valued at $51,000. Envestnet Portfolio Solutions Inc. bought a new stake in ProShares Ultra Financials during the fourth quarter valued at about $205,000. WealthTrust Asset Management LLC acquired a new stake in shares of ProShares Ultra Financials in the fourth quarter valued at about $205,000. Wharton Business Group LLC bought a new position in shares of ProShares Ultra Financials in the fourth quarter worth about $215,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of ProShares Ultra Financials during the 3rd quarter worth about $232,000.

About ProShares Ultra Financials

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.