Mechanics Bank Trust Department has enhanced its position in the iShares Russell Mid-Cap Growth ETF (NYSEARCA:IWP) by 11.3% during the third quarter of 2023. This increase follows the acquisition of an additional 13,692 shares, bringing the total to 135,359 shares. The ETF now represents approximately 2.7% of the Trust Department’s overall holdings, making it the fifth largest investment in its portfolio. As of the latest reporting period, the total value of the bank’s stake in the ETF is approximately $19,276,000.
Several other institutional investors have also adjusted their holdings in the iShares Russell Mid-Cap Growth ETF. For instance, Financial Gravity Companies Inc. acquired a new stake valued at around $28,000 during the second quarter. Meanwhile, Abound Wealth Management significantly increased its position by 223.2% in the same quarter, now owning 223 shares worth approximately $32,000 after purchasing an additional 154 shares.
Other notable investors include Ryan Investment Management Inc. and Berkshire Money Management Inc., both of which made new investments during the second quarter valued at approximately $36,000 and $45,000, respectively. WFA of San Diego LLC also entered the market with a new investment worth about $47,000. Currently, hedge funds and institutional investors collectively hold 74.49% of the ETF’s shares.
Performance and Overview of iShares Russell Mid-Cap Growth ETF
As of Monday, the iShares Russell Mid-Cap Growth ETF opened at $138.21. The ETF has a market capitalization of approximately $20.68 billion, with a price-to-earnings (PE) ratio of 30.48 and a beta of 1.15, indicating moderate volatility compared to the broader market. Over the past year, the ETF has experienced a low of $99.85 and a high of $145.60. Its 50-day moving average price stands at $138.59, while the 200-day moving average is $140.26.
The iShares Russell Mid-Cap Growth ETF, previously known as the iShares Russell Midcap Growth Index Fund, aims to replicate the performance of the Russell Midcap Growth Index. This index reflects the performance of mid-capitalization growth stocks in the United States, focusing on companies with higher price-to-book ratios and projected growth rates.
Investors looking for insights into hedge fund activity concerning the iShares Russell Mid-Cap Growth ETF can access the latest 13F filings and insider trades through sources such as HoldingsChannel.com. This transparency allows for a deeper understanding of investment trends within this particular fund.
