Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Sets New 1-Year High - Should You Buy?

Key Points

• Shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) hit a new 52-week high at $29.98 and last traded near $29.92, with the 50-day and 200-day moving averages at $27.88 and $27.95 respectively.
• The fund paid a quarterly dividend of $0.615 (annualized $2.46), implying a 8.2% dividend yield, with the ex-dividend/record date on March 13 and the payment made April 1.
• About 23.61% of QQQX is owned by institutions, with recent sizable buys from Penserra, Shaker and PMG and a 22.5% increase by Guggenheim, and the closed-end fund employs a dynamic covered call strategy on NASDAQ‑100 holdings to generate income.

Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $29.98 and last traded at $29.9240, with a volume of 59768 shares. The stock had previously closed at $29.93.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Stock Up 0.3%

The stock's fifty day moving average price is $27.88 and its two-hundred day moving average price is $27.95.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 8.2%. The ex-dividend date was Friday, March 13th.

Institutional Investors Weigh In On Nuveen NASDAQ 100 Dynamic Overwrite Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QQQX. Penserra Capital Management LLC bought a new stake in Nuveen NASDAQ 100 Dynamic Overwrite Fund during the 3rd quarter valued at $6,668,000. Shaker Financial Services LLC bought a new stake in Nuveen NASDAQ 100 Dynamic Overwrite Fund during the 3rd quarter valued at $3,367,000. Guggenheim Capital LLC raised its holdings in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 22.5% during the 4th quarter. Guggenheim Capital LLC now owns 526,256 shares of the company's stock valued at $15,009,000 after buying an additional 96,654 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 70.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 171,891 shares of the company's stock valued at $4,720,000 after buying an additional 70,875 shares during the last quarter. Finally, PMG Family Office LLC bought a new stake in Nuveen NASDAQ 100 Dynamic Overwrite Fund during the 3rd quarter valued at $1,676,000. 23.61% of the stock is currently owned by institutional investors.

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.