Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Hits New 1-Year High - Still a Buy?

Key Points

• Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) reached a new 52-week high on Monday, trading as high as $30.90 and last changing hands around $30.65.
• The fund recently paid a quarterly dividend of $0.615 per share, which annualizes to $2.46 and implies a dividend yield of about 8.0%.
• Institutional ownership has been moving higher, with several hedge funds and asset managers increasing their positions; institutional investors and hedge funds now own 23.6% of the fund.

Shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $30.90 and last traded at $30.6490, with a volume of 22061 shares changing hands. The stock had previously closed at $30.76.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Trading Up 0.0%

The business has a fifty day simple moving average of $28.24 and a 200-day simple moving average of $28.09.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend was Friday, March 13th.

Hedge Funds Weigh In On Nuveen NASDAQ 100 Dynamic Overwrite Fund

Institutional investors have recently modified their holdings of the company. WealthTrust Asset Management LLC raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 23.1% in the 1st quarter. WealthTrust Asset Management LLC now owns 11,696 shares of the company's stock valued at $312,000 after buying an additional 2,193 shares during the last quarter. Main Street Group LTD purchased a new stake in Nuveen NASDAQ 100 Dynamic Overwrite Fund in the 1st quarter valued at $191,000. Allspring Global Investments Holdings LLC raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 7.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 598,826 shares of the company's stock valued at $15,971,000 after buying an additional 41,518 shares during the last quarter. D.A. Davidson & CO. raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 10.0% in the 1st quarter. D.A. Davidson & CO. now owns 100,726 shares of the company's stock valued at $2,686,000 after buying an additional 9,195 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 8.0% in the 1st quarter. Sanctuary Advisors LLC now owns 15,069 shares of the company's stock valued at $402,000 after buying an additional 1,112 shares during the last quarter. 23.60% of the stock is owned by institutional investors and hedge funds.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Company Profile

The Nuveen NASDAQ 100 Dynamic Overwrite Fund NASDAQ: QQQX is a closed-end management investment company that seeks to provide investors with a high level of current income while maintaining prospects for capital appreciation. The fund primarily invests in the equity securities included in the NASDAQ-100 Index, giving investors exposure to leading U.S. companies in the technology, consumer services, healthcare and industrial sectors. As a publicly traded fund, QQQX offers daily liquidity through its listing on the Nasdaq Stock Market.

In pursuit of its income objective, QQQX employs a dynamic covered call strategy, writing call options on its NASDAQ-100 holdings to generate option premium.

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