ProShares Ultra Financials (NYSEARCA:UYG) Trading 7.1% Higher After Dividend Announcement

ProShares Ultra Financials (NYSEARCA:UYG)’s stock price traded up 7.1% on Wednesday following a dividend announcement from the company. The stock traded as high as $24.53 and last traded at $22.80, 280,746 shares traded hands during trading. An increase of 102% from the average session volume of 138,944 shares. The stock had previously closed at $21.29.

The newly announced dividend which will be paid on Wednesday, April 1st. Stockholders of record on Thursday, March 26th will be issued a $0.1164 dividend. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.47 dividend on an annualized basis and a dividend yield of 1.81%.

The stock has a fifty day moving average price of $42.65 and a 200-day moving average price of $48.47.

Several hedge funds have recently modified their holdings of UYG. Cetera Advisor Networks LLC acquired a new position in ProShares Ultra Financials in the 4th quarter valued at approximately $200,000. UBS Group AG grew its holdings in shares of ProShares Ultra Financials by 28.6% during the 4th quarter. UBS Group AG now owns 3,956 shares of the company’s stock valued at $212,000 after acquiring an additional 879 shares in the last quarter. Steel Peak Wealth Management LLC purchased a new position in shares of ProShares Ultra Financials during the 4th quarter valued at $230,000. Sanders Morris Harris LLC increased its stake in shares of ProShares Ultra Financials by 12.5% in the fourth quarter. Sanders Morris Harris LLC now owns 9,000 shares of the company’s stock worth $360,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of ProShares Ultra Financials in the third quarter worth $516,000.

ProShares Ultra Financials Company Profile (NYSEARCA:UYG)

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.

Further Reading: How does a dividend reinvestment plan work?

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