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

Shares of Financial Select Sector SPDR Fund (NYSEARCA:XLF) reached a new 52-week high on Wednesday . The stock traded as high as $50.13 and last traded at $50.03, with a volume of 12815881 shares traded. The stock had previously closed at $49.74.

Financial Select Sector SPDR Fund Price Performance

The stock has a market capitalization of $46.44 billion, a P/E ratio of 18.32 and a beta of 0.83. The company has a 50 day simple moving average of $46.20 and a 200-day simple moving average of $43.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of Financial Select Sector SPDR Fund by 18.8% in 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 buying an additional 22,835,066 shares during the last quarter. Cornerstone Advisors LLC bought a new stake in shares of Financial Select Sector SPDR Fund in the first quarter worth about $7,392,000. Brighton Jones LLC grew its position in Financial Select Sector SPDR Fund by 5.8% in the first quarter. Brighton Jones LLC now owns 51,461 shares of the exchange traded fund’s stock worth $2,168,000 after acquiring an additional 2,831 shares in the last quarter. Wintrust Investments LLC grew its position in Financial Select Sector SPDR Fund by 1.9% in the first quarter. Wintrust Investments LLC now owns 38,730 shares of the exchange traded fund’s stock worth $1,631,000 after acquiring an additional 738 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in Financial Select Sector SPDR Fund by 15.4% in the first quarter. QRG Capital Management Inc. now owns 19,202 shares of the exchange traded fund’s stock worth $809,000 after acquiring an additional 2,568 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.