Independence Bank of Kentucky Reduces Stake in Fidelity MSCI Communication Services Index ETF (FCOM)

During the 3rd quarter, Independence Bank of Kentucky has decreased its holdings in the Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM), selling 360 shares which accounts for an 18.8% reduction in their position. Following this sale, the bank's stake in FCOM stood at 1,550 shares, valued at approximately $62,000 according to the latest Securities and Exchange Commission (SEC) filings.

Investor Activity Surrounding FCOM

Aside from Independence Bank of Kentucky, other hedge funds and institutional investors have also adjusted their positions in FCOM. Sunbelt Securities Inc. established a new position in the ETF during the first quarter, investing about $37,000. Creative Financial Designs Inc. ADV increased its stake by 221.8% in the second quarter, holding 1,223 shares valued at nearly $49,000. Harbour Investments Inc. followed suit with a 297.3% hike in their holdings in the fourth quarter, reaching 1,617 shares with a market value of $50,000. Prudential Financial Inc. raised its investment by 38.8% in the first quarter, resulting in ownership of 5,135 shares at a value of $233,000. Jane Street Group LLC entered the scene by securing a new stake in FCOM during the first quarter, worth around $242,000.

FCOM's Market Performance

The ETF opened at $44.49 on the stock market on Friday. FCOM, with its market capitalization standing at $827.51 million, trades at a price-to-earnings (P/E) ratio of 12.69 and a beta of 1.02. Its 50-day and 200-day simple moving averages are $41.78 and $41.01, respectively. FCOM's price has fluctuated within a 52-week range, hitting a low of $30.21 and a peak of $44.79.

About Fidelity MSCI Communication Services Index ETF

The Fidelity MSCI Communication Services Index ETF represents an exchange-traded fund primarily investing in the U.S. communication services sector equities. Tracking a market-cap-weighted index, the fund offers investors exposure to the sector, focusing on diversified communication services holdings. Since its inception on October 21, 2013, Fidelity has been managing FCOM.

This article provides an overview of the recent strategic moves by various hedge funds and other financial entities regarding their investments in Fidelity MSCI Communication Services Index ETF (FCOM), reflecting changes in the market and fund performance.

Fidelity, Communication, Investment