Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Stock Price Down 0.9% - Here's Why

Key Points

• QQQX shares fell 0.9% to $30.53 in midday trading, with volume down 33% from the average session level.
• The fund declared a quarterly dividend of $0.738 per share, equivalent to $2.95 annually and a 9.7% yield; the payment is scheduled for October 1.
• Institutional investors own 23.6% of the fund, with several firms increasing their positions during the second quarter. QQQX invests in Nasdaq-100 companies and uses a dynamic covered-call strategy to generate income.

Shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund (NASDAQ:QQQX - Get Free Report) traded down 0.9% during mid-day trading on Wednesday . The company traded as low as $30.28 and last traded at $30.53. 52,246 shares were traded during trading, a decline of 33% from the average session volume of 78,132 shares. The stock had previously closed at $30.82.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Stock Down 0.9%

The stock has a fifty day moving average price of $30.30 and a 200 day moving average price of $29.71.

Nuveen NASDAQ 100 Dynamic Overwrite Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.738 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.95 dividend on an annualized basis and a yield of 9.7%.

Hedge Funds Weigh In On Nuveen NASDAQ 100 Dynamic Overwrite Fund

Large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in Nuveen NASDAQ 100 Dynamic Overwrite Fund in the 2nd quarter worth about $70,000. NewEdge Advisors LLC raised its holdings in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 5.5% in the second quarter. NewEdge Advisors LLC now owns 57,584 shares of the company's stock worth $1,736,000 after buying an additional 3,000 shares during the period. Cypress Capital Management LLC WY lifted its stake in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund by 8.3% during the 2nd 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 during the last quarter. IFP Advisors Inc bought a new stake in shares of Nuveen NASDAQ 100 Dynamic Overwrite Fund during the 2nd quarter worth approximately $33,000. Finally, Baird Financial Group Inc. boosted its holdings in Nuveen NASDAQ 100 Dynamic Overwrite Fund by 12.1% during the 2nd quarter. Baird Financial Group Inc. now owns 23,835 shares of the company's stock valued at $718,000 after acquiring an additional 2,574 shares during the period. 23.60% of the stock is owned by hedge funds and other institutional investors.

About Nuveen NASDAQ 100 Dynamic Overwrite Fund

Nuveen NASDAQ 100 Dynamic Overwrite Fund is a publicly traded closed-end fund managed by Nuveen Fund Advisors. The fund seeks to provide total return and current income by investing primarily in a portfolio of companies included in the Nasdaq-100 Index.

In addition to holding equity securities, the fund uses a dynamic covered-call strategy. It writes call options on some of its portfolio holdings or on the Nasdaq-100 Index, adjusting the level of option coverage in response to market conditions.

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