Invesco Quality Municipal Income Trust (NYSE:IQI) Share Price Passes Below Fifty Day Moving Average - Here's Why

Key Points

• IQI shares fell below their 50-day moving average of $10.06, trading as low as $9.75 before last changing hands at $9.86 on volume of 289,160 shares.
• The closed-end municipal bond fund declared a $0.0631 monthly dividend, payable September 30 to shareholders of record September 14, representing a 7.7% annualized yield.
• Several institutional investors increased their positions during the second quarter, including NewEdge Advisors, IFP Advisors, Fortitude Advisory Group, and Van ECK Associates.

Invesco Quality Municipal Income Trust (NYSE:IQI - Get Free Report) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $10.06 and traded as low as $9.75. Invesco Quality Municipal Income Trust shares last traded at $9.86, with a volume of 289,160 shares trading hands.

Invesco Quality Municipal Income Trust Stock Up 1.2%

The stock's fifty day simple moving average is $10.06 and its 200 day simple moving average is $9.95.

Invesco Quality Municipal Income Trust Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, September 14th will be issued a $0.0631 dividend. This represents a c) annualized dividend and a dividend yield of 7.7%. The ex-dividend date of this dividend is Monday, September 14th.

Hedge Funds Weigh In On Invesco Quality Municipal Income Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its holdings in shares of Invesco Quality Municipal Income Trust by 23.2% during the 2nd quarter. NewEdge Advisors LLC now owns 561,365 shares of the financial services provider's stock worth $5,681,000 after acquiring an additional 105,880 shares during the period. IFP Advisors Inc increased its position in Invesco Quality Municipal Income Trust by 47.1% during the second quarter. IFP Advisors Inc now owns 182,631 shares of the financial services provider's stock worth $1,848,000 after purchasing an additional 58,480 shares during the last quarter. Fortitude Advisory Group L.L.C. increased its position in Invesco Quality Municipal Income Trust by 23.5% during the second quarter. Fortitude Advisory Group L.L.C. now owns 25,756 shares of the financial services provider's stock worth $261,000 after purchasing an additional 4,895 shares during the last quarter. Van ECK Associates Corp raised its stake in Invesco Quality Municipal Income Trust by 2.2% during the second quarter. Van ECK Associates Corp now owns 351,096 shares of the financial services provider's stock worth $3,553,000 after purchasing an additional 7,574 shares during the period. Finally, Equitable Holdings Inc. acquired a new position in Invesco Quality Municipal Income Trust in the 2nd quarter valued at about $172,000.

Invesco Quality Municipal Income Trust Company Profile

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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