First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Reaches New 12-Month High - Here's What Happened

Key Points

• The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) reached a new 52-week high, trading at $139.94, with a market cap of $1.93 billion.
• A recent dividend of $0.13 was issued, resulting in an annualized yield of 0.37%, highlighting a concern as this indicates a cut in dividends.
• Several institutional investors, including JPMorgan Chase & Co., have increased their stakes in the fund, suggesting growing interest among hedge funds.

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The company traded as high as $139.94 and last traded at $139.47, with a volume of 3193 shares traded. The stock had previously closed at $139.57.

First Trust NASDAQ-100 Equal Weighted Index Fund Stock Down 1.7%

The firm has a market cap of $1.88 billion, a P/E ratio of 27.18 and a beta of 1.05. The business has a fifty day moving average of $134.84 and a 200 day moving average of $128.51.

First Trust NASDAQ-100 Equal Weighted Index Fund Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Thursday, June 26th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Thursday, June 26th.

Institutional Investors Weigh In On First Trust NASDAQ-100 Equal Weighted Index Fund

Institutional investors have recently made changes to their positions in the company. Pineridge Advisors LLC bought a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund during the first quarter worth approximately $32,000. Barclays PLC acquired a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund in the fourth quarter valued at approximately $50,000. Hughes Financial Services LLC acquired a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund in the first quarter valued at approximately $66,000. Ameritas Advisory Services LLC acquired a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund in the second quarter valued at approximately $74,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund in the fourth quarter valued at approximately $72,000.

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.