First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Sets New 12-Month High - Time to Buy?

Key Points

• The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) reached a new 52-week high at $140.44, signaling strong performance in the market.
• The fund has recently cut its quarterly dividend to $0.13 per share, resulting in an annualized yield of 0.4%.
• Significant institutional activity was observed in Q2, with firms like Thrivent Financial and B. Riley Wealth Advisors increasing their stakes in the fund.

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW - Get Free Report)'s stock price hit a new 52-week high on Thursday . The stock traded as high as $140.44 and last traded at $140.43, with a volume of 6140 shares changing hands. The stock had previously closed at $138.41.

First Trust NASDAQ-100 Equal Weighted Index Fund Stock Performance

The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 27.18 and a beta of 1.05. The business's 50 day simple moving average is $137.01 and its 200-day simple moving average is $130.01.

First Trust NASDAQ-100 Equal Weighted Index Fund Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Thursday, June 26th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date was Thursday, June 26th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Centaurus Financial Inc. raised its stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund by 1.8% during the second quarter. Centaurus Financial Inc. now owns 5,911 shares of the company's stock valued at $807,000 after purchasing an additional 104 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in First Trust NASDAQ-100 Equal Weighted Index Fund by 8.1% during the second quarter. Thrivent Financial for Lutherans now owns 14,855 shares of the company's stock worth $2,027,000 after purchasing an additional 1,115 shares in the last quarter. Forefront Wealth Partners LLC acquired a new stake in First Trust NASDAQ-100 Equal Weighted Index Fund in the second quarter worth approximately $220,000. B. Riley Wealth Advisors Inc. bought a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the 2nd quarter valued at $4,301,000. Finally, Geneos Wealth Management Inc. increased its position in shares of First Trust NASDAQ-100 Equal Weighted Index Fund by 17.4% during the 2nd quarter. Geneos Wealth Management Inc. now owns 33,875 shares of the company's stock valued at $4,624,000 after purchasing an additional 5,017 shares during the period.

About First Trust NASDAQ-100 Equal Weighted Index Fund

The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQEW was launched on Apr 19, 2006 and is managed by First Trust.