iShares Biotechnology ETF (NASDAQ:IBB) Hits New 12-Month High – Here’s Why

iShares Biotechnology ETF (NASDAQ:IBB) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $179.64 and last traded at $179.52, with a volume of 853627 shares traded. The stock had previously closed at $177.00.

iShares Biotechnology ETF Price Performance

The business has a 50-day simple moving average of $171.07 and a 200 day simple moving average of $170.83.

iShares Biotechnology ETF Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Monday, June 15th were given a dividend of $0.0238 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Monday, June 15th.

Institutional Trading of iShares Biotechnology ETF

Several institutional investors have recently added to or reduced their stakes in IBB. Citigroup Inc. raised its holdings in iShares Biotechnology ETF by 40.9% during the 4th quarter. Citigroup Inc. now owns 5,242,688 shares of the financial services provider’s stock worth $884,808,000 after purchasing an additional 1,521,992 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of iShares Biotechnology ETF by 313.2% during the third quarter. BNP Paribas Financial Markets now owns 1,915,395 shares of the financial services provider’s stock worth $276,526,000 after buying an additional 1,451,820 shares during the period. Raymond James Financial Inc. increased its position in shares of iShares Biotechnology ETF by 286.2% during the fourth quarter. Raymond James Financial Inc. now owns 994,311 shares of the financial services provider’s stock worth $167,810,000 after buying an additional 736,881 shares during the period. Bank of America Corp DE raised its stake in iShares Biotechnology ETF by 10.8% during the first quarter. Bank of America Corp DE now owns 7,259,501 shares of the financial services provider’s stock worth $1,225,767,000 after buying an additional 707,343 shares during the last quarter. Finally, WestEnd Advisors LLC acquired a new position in iShares Biotechnology ETF in the fourth quarter valued at $106,276,000. 62.45% of the stock is currently owned by institutional investors.

About iShares Biotechnology ETF

iShares Nasdaq Biotechnology ETF (the Fund), formerly iShares Nasdaq Biotechnology Index Fund, is an exchange-traded fund (ETF). The Fund seeks investment results that correspond generally to the price and yield performance of the NASDAQ Biotechnology Index (the Index). The Index contains securities of NASDAQ listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals, which also meet other eligibility criteria determined by NASDAQ.