C2P Capital Advisory Group LLC, operating under the name Prosperity Capital Advisors, has acquired a new position in the Vanguard Utilities ETF (NYSEARCA:VPU). The investment firm purchased 2,674 shares during the third quarter of 2023, with an estimated value of approximately $507,000. This move was disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their holdings in the Vanguard Utilities ETF recently. For instance, Bank of America Corp DE increased its stake by 5.7% in the second quarter, now owning 974,255 shares valued at $171.97 million after adding 52,880 shares. Similarly, Beacon Capital Management Inc. significantly boosted its position in the ETF by 178.2%, acquiring a total of 737,018 shares worth $130.09 million after purchasing 472,113 additional shares during the same period.
Another notable increase came from Northwestern Mutual Wealth Management Co., which raised its stake by 5.7%, now holding 645,724 shares valued at $113.98 million. Ameriprise Financial Inc. also raised its investment by 8.3%, bringing its total to 284,776 shares valued at $50.32 million after acquiring an additional 21,735 shares. Lastly, Laurel Wealth Advisors LLC dramatically lifted its holdings by 39,275.4%, now owning 255,940 shares worth $45.18 million following the purchase of 255,290 shares.
Current Market Performance
As of Monday, Vanguard Utilities ETF shares opened at $187.22. The fund has experienced a fifty-two week low of $154.00 and a high of $203.15. With a market capitalization of $7.64 billion, the ETF boasts a price-to-earnings ratio of 20.60 and a beta of 0.61. The fund’s fifty-day moving average price stands at $190.11, while its two-hundred day moving average is $186.82.
About Vanguard Utilities ETF
The Vanguard Utilities ETF is an exchange-traded fund managed by the Vanguard Utilities Index Fund. It aims to track the performance of the Morgan Stanley Capital International United States Investable Market Utilities Index, which comprises a diverse range of companies within the utilities sector. This sector includes firms classified as electric, gas, or water utilities, as well as independent power producers and distributors.
The recent activity among institutional investors highlights a growing interest in the utilities sector, which is often seen as a stable investment option. As more hedge funds modify their stakes in the Vanguard Utilities ETF, market analysts will be closely watching how these changes influence the fund’s performance in the coming quarters.
