Invesco Quality Municipal Income Trust (NYSE:IQI) Sees Significant Decline in Short Interest

Key Points

• Short interest in IQI fell sharply in June, dropping 40.6% to 52,573 shares as of June 30. That represents only 0.1% of shares outstanding and a low 0.4-day days-to-cover ratio.
• Several large investors increased their stakes in Invesco Quality Municipal Income Trust, including Royal Bank of Canada, NewEdge Advisors, Raymond James Financial, Ameriprise Financial, and Bank of America.
• The trust recently declared a monthly dividend of $0.0631 per share, payable July 31, implying an annualized yield of 7.4%. Shares last traded at $10.18, near their 52-week high of $10.42.

Invesco Quality Municipal Income Trust (NYSE:IQI - Get Free Report) saw a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 52,573 shares, a decrease of 40.6% from the June 15th total of 88,454 shares. Based on an average daily volume of 145,448 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company's shares are sold short.

Hedge Funds Weigh In On Invesco Quality Municipal Income Trust

A number of hedge funds have recently made changes to their positions in IQI. Royal Bank of Canada raised its position in shares of Invesco Quality Municipal Income Trust by 3.3% in the 1st quarter. Royal Bank of Canada now owns 214,022 shares of the financial services provider's stock worth $2,072,000 after buying an additional 6,738 shares during the period. NewEdge Advisors LLC grew its position in Invesco Quality Municipal Income Trust by 23.7% during the first quarter. NewEdge Advisors LLC now owns 112,245 shares of the financial services provider's stock valued at $1,087,000 after acquiring an additional 21,515 shares during the period. Raymond James Financial Inc. grew its position in Invesco Quality Municipal Income Trust by 7.4% during the second quarter. Raymond James Financial Inc. now owns 1,353,664 shares of the financial services provider's stock valued at $12,697,000 after acquiring an additional 92,863 shares during the period. Ameriprise Financial Inc. increased its stake in Invesco Quality Municipal Income Trust by 144.1% during the second quarter. Ameriprise Financial Inc. now owns 311,786 shares of the financial services provider's stock worth $2,919,000 after acquiring an additional 184,049 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Invesco Quality Municipal Income Trust by 149.7% in the 2nd quarter. Bank of America Corp DE now owns 47,922 shares of the financial services provider's stock worth $450,000 after purchasing an additional 28,732 shares during the period.

Invesco Quality Municipal Income Trust Price Performance

Shares of IQI stock traded down $0.07 during mid-day trading on Thursday, hitting $10.18. 74,404 shares of the company's stock were exchanged, compared to its average volume of 144,628. Invesco Quality Municipal Income Trust has a fifty-two week low of $9.06 and a fifty-two week high of $10.42. The stock has a 50-day simple moving average of $9.97 and a two-hundred day simple moving average of $9.97.

Invesco Quality Municipal Income Trust Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, July 14th will be given a dividend of $0.0631 per share. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a c) annualized dividend and a yield of 7.4%.

About Invesco Quality Municipal Income Trust

Invesco Quality Municipal Income Trust NYSE: IQI is a closed-end management investment company listed on the New York Stock Exchange. Managed by Invesco Advisers, Inc, the fund's primary objective is to provide investors with a high level of current income that is exempt from federal income taxes. To achieve this, the trust invests predominantly in investment-grade municipal securities issued by U.S. states, municipalities, and their agencies.

The portfolio holds a diversified blend of municipal bonds, including general obligation bonds, revenue bonds, and other tax-exempt obligations.

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