Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Sees Large Decrease in Short Interest

Key Points

• Short interest in QQQX fell sharply in June, dropping 49.1% to 46,406 shares by June 30 from 91,199 shares two weeks earlier. That equals about 0.1% of shares short and a low 0.4-day days-to-cover ratio.
• The fund’s shares rose modestly to $30.57 in recent trading, remaining near the upper end of its 52-week range of $25.35 to $31.87. Trading volume was slightly below average.
• Nuveen also boosted its quarterly dividend to $0.738 from $0.61, implying an annualized payout of $2.95 and a 9.7% yield. The fund invests in NASDAQ-100 stocks and uses a covered call strategy to generate income.

Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX - Get Free Report) was the target of a significant drop in short interest in June. As of June 30th, there was short interest totaling 46,406 shares, a drop of 49.1% from the June 15th total of 91,199 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average trading volume of 126,028 shares, the days-to-cover ratio is presently 0.4 days.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Stock Performance

QQQX traded up $0.17 on Wednesday, reaching $30.57. 96,930 shares of the company's stock were exchanged, compared to its average volume of 121,515. Nuveen NASDAQ 100 Dynamic Overwrite Fund has a twelve month low of $25.35 and a twelve month high of $31.87. The stock's fifty day moving average price is $30.34 and its 200-day moving average price is $28.91.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.738 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Nuveen NASDAQ 100 Dynamic Overwrite Fund's previous quarterly dividend of $0.61. This represents a $2.95 annualized dividend and a yield of 9.7%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Advisory Services Network LLC acquired a new position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund in the 3rd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 527.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,881 shares of the company's stock valued at $54,000 after purchasing an additional 1,581 shares during the period. Geneos Wealth Management Inc. raised its position in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 223.2% in the second quarter. Geneos Wealth Management Inc. now owns 2,521 shares of the company's stock valued at $67,000 after purchasing an additional 1,741 shares during the period. Ascentis Independent Advisors acquired a new position in Nuveen NASDAQ 100 Dynamic Overwrite Fund during the first quarter worth $72,000. Finally, Axiom Investment Management LLC purchased a new position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund during the first quarter worth $78,000. Institutional investors and hedge funds own 23.60% of the company's stock.

About Nuveen NASDAQ 100 Dynamic Overwrite Fund

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.