Nuveen Nasdaq 100 Dynamic Overwrite Fund (NASDAQ:QQQX) Sets New 12-Month High - Time to Buy?

The Nuveen Nasdaq 100 Dynamic Overwrite Fund (NASDAQ:QQQX) recently achieved a remarkable milestone by reaching a new 52-week high in mid-day trading on Thursday. The stock peaked at $25.87, and traded at that same value as trading progressed. In total, 24,276 shares changed hands, with the previous closing price sitting at $25.61.

Nuveen Nasdaq 100 Dynamic Overwrite Fund Trading Up 1.6%

The stock has shown positive trends, reflecting an increase of 1.6% recently. It has a 50-day simple moving average of $24.94, while its 200-day simple moving average stands at $24.52. These averages are important indicators for investors to gauge the stock's performance over different time frames.

Nuveen Nasdaq 100 Dynamic Overwrite Fund Announces Dividend

In addition to its stock performance, the fund announced a quarterly dividend that was paid out on October 1st. Shareholders on record as of September 13th received a dividend of $0.42 per share. After this declaration, the annualized dividend totals $1.68, representing an attractive dividend yield of 6.46%, which is appealing to income-focused investors.

Hedge Funds Weigh In On Nuveen Nasdaq 100 Dynamic Overwrite Fund

Recent trading activity reveals that several hedge funds have taken significant positions in QQQX. Fairman Group LLC made a new investment valued at approximately $51,000 in the second quarter. Similarly, Aspen Investment Management Inc acquired a stake worth about $204,000 during the same period. Dakota Wealth Management increased its holdings in QQQX by 52.4%, totaling 19,630 shares valued at $492,000 following an acquisition of an additional 6,750 shares. During the first quarter, Cetera Advisors LLC also made a new investment worth about $330,000. Lastly, Kingswood Wealth Advisors LLC raised its investment stake by 22.9%, owning 17,955 shares valued at $450,000 after acquiring an additional 3,346 shares. In total, institutional and hedge fund investors own approximately 23.62% of the stock.

About Nuveen Nasdaq 100 Dynamic Overwrite Fund

The Nuveen Nasdaq 100 Dynamic Overwrite Fund is a closed-ended equity indexed mutual fund established by Nuveen Investments, Inc. The fund is co-managed by both Nuveen Asset Management, LLC and Nuveen Fund Advisors LLC. The fund primarily invests in the public equity markets of the United States, seeking to acquire shares in companies across various sectors.

Should You Invest $1,000 in Nuveen Nasdaq 100 Dynamic Overwrite Fund Right Now?

Before making any investment decision regarding Nuveen Nasdaq 100 Dynamic Overwrite Fund, it's crucial to conduct thorough research. Currently, market analysts have assigned a "Hold" rating to QQQX, suggesting that while it may not be an urgent buy, it also doesn't signal an immediate sell. Analysts have identified other stocks they believe represent better potential opportunities. As such, it might be wise to explore various options before deciding to invest.

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