Westmount Partners LLC has reduced its stake in the iShares Select Dividend ETF (NASDAQ: DVY) by 13.0% in the first quarter of 2024. According to its latest Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 2,360 shares after selling 354 shares during this period. The current value of Westmount’s holdings in the ETF stands at approximately $317,000.
Several other institutional investors have also adjusted their positions in the iShares Select Dividend ETF. Notably, Wells Fargo & Company increased its stake by 5.0% in the fourth quarter of 2023, now owning 3,875,784 shares valued at around $508.85 million following the acquisition of an additional 183,589 shares.
Similarly, the Royal Bank of Canada raised its position by 4.5% during the same quarter, bringing its total to 2,346,687 shares valued at approximately $308.1 million after acquiring 100,103 shares. JPMorgan Chase & Co. also made significant adjustments, increasing its holdings by 22.8% to 1,695,199 shares, worth about $222.56 million after purchasing an additional 314,358 shares.
Further activity was noted from LPL Financial LLC, which grew its stake by 8.9%, now owning 1,596,398 shares valued at around $209.59 million. Additionally, Envestnet Asset Management Inc. increased its position by 2.5%, owning 1,587,775 shares worth approximately $208.46 million after acquiring 38,432 shares. Collectively, institutional investors control 46.08% of the stock.
Current Stock Performance and Dividend Increases
As of the latest trading session, shares of iShares Select Dividend ETF opened at $136.19. The ETF has experienced a 52-week low of $115.94 and a 52-week high of $144.09. The fund boasts a market capitalization of $20.16 billion, a price-to-earnings ratio of 13.69, and a beta of 0.87. Its 50-day moving average price stands at $132.07, while the 200-day moving average is at $131.86.
The iShares Select Dividend ETF, previously known as the iShares Dow Jones Select Dividend Index Fund, aims to deliver investment results that correspond to the performance of the Dow Jones U.S. Select Dividend Index. This index evaluates a selection of equity securities from companies that have consistently provided relatively high dividend yields over time.
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