Allworth Financial LP has reduced its holdings in the iShares Gold Trust (NYSEARCA: IAU) by 3.4% during the first quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The institutional investor now owns 257,796 shares of the exchange-traded fund (ETF) after selling 9,066 shares over the quarter. The value of Allworth’s stake in the iShares Gold Trust stands at approximately $16,251,000.
In addition to Allworth Financial, several other major investors have adjusted their positions in the iShares Gold Trust. Envestnet Asset Management Inc. significantly increased its holdings by 200.7% in the fourth quarter, now owning 10,778,652 shares valued at approximately $533,651,000 after acquiring an additional 7,194,721 shares.
Similarly, LPL Financial LLC raised its stake by 35.4% in the same quarter, now holding 8,630,437 shares worth around $427,293,000 after purchasing 2,257,590 shares. Wells Fargo & Company MN also expanded its position by 10.7%, resulting in ownership of 12,288,826 shares valued at $608,420,000 after an additional investment of 1,183,962 shares.
Another notable investment adjustment came from Envestnet Portfolio Solutions Inc., which lifted its stake by an astonishing 4,039.4% in the fourth quarter. This brought its total holdings to 1,118,460 shares, worth approximately $55,375,000 after acquiring 1,091,440 shares. Finally, Allianz SE entered the market with a new stake worth about $52,027,000 during the same period. Currently, institutional investors hold 59.67% of the company’s stock.
Current Stock Performance
On Friday, shares of the iShares Gold Trust opened at $62.67. The stock has shown resilience, achieving a 50-day moving average price of $62.68 and a 200-day moving average of $57.90. The market capitalization of the iShares Gold Trust is approximately $47.22 billion, with a price-to-earnings (P/E) ratio of 5.53 and a beta of 0.15. Over the past year, the stock has fluctuated between a low of $44.46 and a high of $65.00.
About iShares Gold Trust
The iShares Gold Trust is designed to own gold transferred to the trust in exchange for shares issued by the fund. Each share represents a fractional undivided beneficial interest in the net assets of the trust, which primarily consists of gold held by the trust’s custodian on behalf of its investors. This structure allows investors to gain exposure to the price movements of gold without the need to physically hold the metal.
As investment strategies evolve, the adjustments made by institutional investors reflect changing market sentiments towards gold as a valuable asset in diversified portfolios.
