Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Shares Up 1.4% - Should You Buy?

Key Points

• QQQX shares rose 1.4% to $30.78, trading above both its 50-day and 200-day moving averages, though volume was 32% below the average session level.
• The fund declared a quarterly dividend of $0.738, equivalent to an annualized payout of approximately $2.95 and a 9.6% yield.
• Institutional investors and hedge funds own 23.6% of QQQX, while the closed-end fund uses a dynamic covered-call strategy to generate income from a portfolio focused on Nasdaq-100 companies.

Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX - Get Free Report) rose 1.4% during trading on Wednesday. The company traded as high as $30.84 and last traded at $30.78. 79,645 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 117,147 shares. The stock had previously closed at $30.37.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Trading Up 1.4%

The firm's 50 day moving average is $30.57 and its 200 day moving average is $30.20.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.7380 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $2.95 annualized dividend and a dividend yield of 9.6%.

Institutional Investors Weigh In On Nuveen NASDAQ 100 Dynamic Overwrite Fund

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 0.3% in the first quarter. Royal Bank of Canada now owns 745,857 shares of the company's stock worth $19,892,000 after buying an additional 2,177 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 7.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 598,826 shares of the company's stock worth $15,971,000 after acquiring an additional 41,518 shares in the last quarter. Bank of America Corp DE increased its position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 3.1% in the first quarter. Bank of America Corp DE now owns 375,648 shares of the company's stock worth $10,019,000 after acquiring an additional 11,219 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 0.8% in the first quarter. Janney Montgomery Scott LLC now owns 235,769 shares of the company's stock worth $6,288,000 after acquiring an additional 1,880 shares in the last quarter. Finally, Cypress Capital Management LLC WY increased its position in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 8.3% in the second quarter. Cypress Capital Management LLC WY now owns 192,683 shares of the company's stock worth $5,947,000 after acquiring an additional 14,752 shares in the last quarter. Institutional investors and hedge funds own 23.60% of the company's stock.

About Nuveen NASDAQ 100 Dynamic Overwrite Fund

Nuveen NASDAQ 100 Dynamic Overwrite Fund NASDAQ: QQQX is a listed closed-end fund managed by Nuveen. The fund seeks to provide total return and current income through a portfolio designed to participate in the performance of companies included in the Nasdaq-100 Index.

QQQX uses a dynamic covered-call strategy, writing call options on a portion of its portfolio while maintaining exposure to large-cap growth-oriented equities. Option writing may generate income and can affect the fund's participation in market gains and losses.

The fund primarily invests in publicly traded companies in the United States and other businesses represented in the Nasdaq-100 Index.

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