SPDR S&P Bank ETF (NYSEARCA:KBE) Sets New 1-Year High – Still a Buy?

SPDR S&P Bank ETF (NYSEARCA:KBE) shares hit a new 52-week high on Wednesday . The company traded as high as $64.31 and last traded at $64.5210, with a volume of 608665 shares changing hands. The stock had previously closed at $62.33.

SPDR S&P Bank ETF Price Performance

The business has a fifty day simple moving average of $61.08 and a 200 day simple moving average of $59.41. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 12.60 and a beta of 0.97.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KBE. Northwestern Mutual Wealth Management Co. boosted its stake in SPDR S&P Bank ETF by 1.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 19,255 shares of the exchange traded fund’s stock valued at $1,074,000 after acquiring an additional 276 shares during the period. Magnus Financial Group LLC increased its position in shares of SPDR S&P Bank ETF by 5.0% during the 2nd quarter. Magnus Financial Group LLC now owns 6,602 shares of the exchange traded fund’s stock valued at $368,000 after purchasing an additional 313 shares during the period. CWM LLC raised its position in SPDR S&P Bank ETF by 42.2% in the third quarter. CWM LLC now owns 1,348 shares of the exchange traded fund’s stock worth $80,000 after acquiring an additional 400 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in SPDR S&P Bank ETF by 12.3% during the third quarter. Stratos Wealth Partners LTD. now owns 4,460 shares of the exchange traded fund’s stock worth $265,000 after buying an additional 488 shares in the last quarter. Finally, Wagner Wealth Management LLC acquired a new stake in shares of SPDR S&P Bank ETF during the third quarter worth $29,000.

About SPDR S&P Bank ETF

SPDR KBW Bank ETF, formerly The SPDR S&P Bank ETF (the Fund), seeks to closely match the returns and characteristics of the S&P Banks Select Industry Index. The S&P Banks Select Industry Index is a float adjusted modified-market, capitalization-weighted index that seeks to reflect the performance of publicly traded companies that do business as banks or thrifts. The S&P Banks Select Industry Index consists of common stocks of national money centers and regional banks or thrifts listed on the New York Stock Exchange (NYSE) or another United States national securities exchange, (NASDAQ)/National Market System (NMS).