Short Interest in ProShares UltraShort Financials (NYSEARCA:SKF) Increases By 244.6%

ProShares UltraShort Financials (NYSEARCA:SKF) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 53,790 shares, an increase of 244.6% from the February 26th total of 15,611 shares. Currently, 13.8% of the shares of the company are sold short. Based on an average daily volume of 73,267 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Investors Weigh In On ProShares UltraShort Financials

Institutional investors have recently added to or reduced their stakes in the company. Group One Trading LLC acquired a new position in ProShares UltraShort Financials in the 2nd quarter valued at approximately $37,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of ProShares UltraShort Financials by 20,938.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock worth $166,000 after acquiring an additional 6,491 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of ProShares UltraShort Financials by 907.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,840 shares of the company’s stock worth $388,000 after purchasing an additional 12,466 shares in the last quarter.

ProShares UltraShort Financials Price Performance

Shares of ProShares UltraShort Financials stock opened at $31.34 on Friday. The firm has a fifty day moving average price of $28.59 and a two-hundred day moving average price of $27.47. ProShares UltraShort Financials has a fifty-two week low of $23.86 and a fifty-two week high of $44.19.

ProShares UltraShort Financials Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th will be given a dividend of $0.1319 per share. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.7%.

About ProShares UltraShort Financials

ProShares UltraShort Financials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index (the Index). The 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 Federal National Mortgage Association, credit card issuers and investment advisers; securities brokers and dealers, including investment banks, merchant banks and online brokers, and publicly traded stock exchanges.