iShares Fallen Angels USD Bond ETF (NASDAQ:FALN) Reaches New 52-Week Low – Here’s Why

iShares Fallen Angels USD Bond ETF (NASDAQ:FALN)’s stock price 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 Price Performance

The stock’s 50-day simple moving average is $26.85 and its 200 day simple moving average is $26.95.

iShares Fallen Angels USD Bond ETF Cuts Dividend

The company also recently declared a monthly dividend, which was paid on Friday, September 4th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.1425 per share. This is a decrease from iShares Fallen Angels USD Bond ETF’s previous monthly dividend of $0.1481. This represents a $1.71 annualized dividend and a dividend yield of 6.5%. The ex-dividend date was Tuesday, September 1st.

Hedge Funds Weigh In On iShares Fallen Angels USD Bond ETF

Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in iShares Fallen Angels USD Bond ETF by 3.5% during the first 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 period. ESL Trust Services LLC lifted its holdings in iShares Fallen Angels USD Bond ETF by 11.7% during the 4th 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. Baker Avenue Asset Management LP boosted its position 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 buying an additional 534,470 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of iShares Fallen Angels USD Bond ETF by 5.4% in the second quarter. Envestnet Asset Management Inc. now owns 398,716 shares of the company’s stock worth $10,861,000 after acquiring an additional 20,319 shares in the last quarter. Finally, Breakwater Capital Group raised its stake in shares of iShares Fallen Angels USD Bond ETF by 7.3% in the second quarter. Breakwater Capital Group now owns 385,762 shares of the company’s stock valued at $10,508,000 after acquiring an additional 26,127 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.