Eastern Bank Invests $3.34 Million in SPDR S&P MidCap 400 ETF Trust

In the third quarter, Eastern Bank made a notable investment by purchasing a new position in the SPDR S&P MidCap 400 ETF Trust (NYSEARCA:MDY). According to reports from HoldingsChannel.com, the institutional investor acquired 5,866 shares of this exchange-traded fund (ETF) at a total valuation of approximately $3,342,000.

Alongside Eastern Bank's acquisition, several other institutional investors have also adjusted their holdings of MDY recently. For instance, G&S Capital LLC increased its stake in the SPDR S&P MidCap 400 ETF Trust by 2.4% during the first quarter, resulting in ownership of 8,963 shares valued at $4,987,000 after adding an additional 208 shares.

Similarly, Revolve Wealth Partners LLC raised its holdings by 2.3% in the first quarter, bringing its total to 4,033 shares worth approximately $2,244,000 after purchasing 91 extra shares. S.A. Mason LLC also saw an increase of 7.0% in its holdings, now owning 706 shares valued at $393,000 following the addition of 46 shares.

Wealthcare Advisory Partners LLC expanded its investment in the ETF by 4.9%, managing to acquire 5,960 shares worth $3,316,000 after purchasing 277 shares during the same period. Lastly, Cumberland Advisors Inc. increased its holdings by 2.1%, owning 44,867 shares valued at $24,964,000 after buying 943 additional shares.

SPDR S&P MidCap 400 ETF Trust Stock Overview

As of the latest trading session, shares for the SPDR S&P MidCap 400 ETF Trust (MDY) opened at $573.51. The fund has a market capitalization of $22.67 billion with a price-to-earnings (P/E) ratio of 15.70 and a beta of 1.09, indicating its volatility compared to the broader market. Its 50-day moving average price stands at $562.09, while the 200-day moving average price is $547.53. The ETF has a 52-week low of $424.22 and a 52-week high of $585.50.

About SPDR S&P MidCap 400 ETF Trust

The SPDR S&P MidCap 400 ETF is an exchange-traded fund aiming to mirror the price and yield performance of the S&P MidCap 400 Index. This index represents around 7% of the total U.S. equities market and is a part of a broader series of S&P U.S. indices. Companies included in this index must demonstrate four consecutive quarters of positive as-reported earnings, excluding any discontinued operations and extraordinary items.

Investment Insights

Given the recent adjustments in holdings by various institutional investors, the SPDR S&P MidCap 400 ETF Trust seems to attract interest from financial entities seeking diversification through mid-cap stocks.

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