Scotiabank Reaffirms “Hold” Rating for SPDR Wells Fargo Prfd Stk ETF (PSK)

Scotiabank reaffirmed their hold rating on shares of SPDR Wells Fargo Prfd Stk ETF (NYSE:PSK) in a research note released on Tuesday. Scotiabank currently has a $35.00 price target on the stock.

SPDR Wells Fargo Prfd Stk ETF (NYSE:PSK) traded up 0.16% during trading on Tuesday, reaching $44.67. 15,747 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $44.88 and its 200-day moving average price is $44.91. SPDR Wells Fargo Prfd Stk ETF has a 52 week low of $41.35 and a 52 week high of $45.69.

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About SPDR Wells Fargo Prfd Stk ETF

SPDR Wells Fargo Preferred Stock ETF (the Fund) seeks to replicate the total return of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the Index). The Index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.

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