iShares Fallen Angels USD Bond ETF (NASDAQ:FALN) Sets New 12-Month Low – Here’s Why

iShares Fallen Angels USD Bond ETF (NASDAQ:FALN) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $26.35 and last traded at $26.3450, with a volume of 335282 shares. The stock had previously closed at $26.57.

iShares Fallen Angels USD Bond ETF Trading Down 0.8%

The company’s 50-day moving average price is $26.88 and its 200 day moving average price is $26.96.

iShares Fallen Angels USD Bond ETF Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Friday, September 4th. Shareholders of record on Tuesday, September 1st were paid a $0.1425 dividend. This represents a c) annualized dividend and a yield of 6.5%. The ex-dividend date was Tuesday, September 1st.

Institutional Trading of iShares Fallen Angels USD Bond ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Baker Avenue Asset Management LP raised its stake in iShares Fallen Angels USD Bond ETF by 273.5% in the 4th quarter. Baker Avenue Asset Management LP now owns 729,905 shares of the company’s stock valued at $19,926,000 after purchasing an additional 534,470 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of iShares Fallen Angels USD Bond ETF by 3.5% during the 1st quarter. Bank of America Corp DE now owns 7,519,795 shares of the company’s stock worth $200,929,000 after purchasing an additional 252,501 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of iShares Fallen Angels USD Bond ETF by 505.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 168,477 shares of the company’s stock worth $4,599,000 after buying an additional 140,661 shares in the last quarter. Client First Investment Management LLC purchased a new stake in shares of iShares Fallen Angels USD Bond ETF during the second quarter worth about $3,790,000. Finally, ESL Trust Services LLC grew its holdings in shares of iShares Fallen Angels USD Bond ETF by 11.7% during the fourth quarter. ESL Trust Services LLC now owns 1,248,458 shares of the company’s stock worth $34,083,000 after buying an additional 130,297 shares in the last quarter.

About iShares Fallen Angels USD Bond ETF

The iShares Fallen Angels USD Bond ETF (FALN) is an exchange-traded fund that mostly invests in high yield fixed income. The fund tracks a market value weighted index of bonds that were rated investment grade at issuance, but later downgraded to sub-investment grade. FALN was launched on Jun 14, 2016 and is managed by BlackRock.