Invesco Quality Municipal Income Trust (NYSE:IQI) Stock Price Breaks Below 50 Day Moving Average – Here’s Why

Invesco Quality Municipal Income Trust (NYSE:IQI) passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $9.21 and traded as low as $9.02. Invesco Quality Municipal Income Trust shares last traded at $9.05, with a volume of 276,325 shares changing hands.

Invesco Quality Municipal Income Trust Trading Down 2.2%

The company’s fifty day moving average is $9.21 and its 200 day moving average is $9.79.

Invesco Quality Municipal Income Trust Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be paid a dividend of $0.0631 per share. The ex-dividend date is Monday, November 16th. This represents a $0.76 annualized dividend and a dividend yield of 8.4%. This is a drop from Invesco Quality Municipal Income Trust’s previous monthly dividend of $0.0631.

Insiders Place Their Bets

In related news, Portfolio Manager Timothy O’Reilly sold 6,282 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $8.87, for a total transaction of $55,721.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Trading of Invesco Quality Municipal Income Trust

Hedge funds have recently added to or reduced their stakes in the company. North Ground Capital acquired a new stake in shares of Invesco Quality Municipal Income Trust during the second quarter worth $1,214,582. NewEdge Advisors LLC grew its stake in shares of Invesco Quality Municipal Income Trust by 23.2% in the second quarter. NewEdge Advisors LLC now owns 561,365 shares of the financial services provider’s stock valued at $5,681,000 after acquiring an additional 105,880 shares in the last quarter. Centaurus Financial Inc. acquired a new position in shares of Invesco Quality Municipal Income Trust in the second quarter valued at about $1,016,000. Private Advisor Group LLC acquired a new position in shares of Invesco Quality Municipal Income Trust in the third quarter valued at about $687,000. Finally, Bank of America Corp DE bought a new position in Invesco Quality Municipal Income Trust during the second quarter worth about $603,000.

About Invesco Quality Municipal Income Trust

Invesco Quality Municipal Income Trust (NYSE:IQI) is a diversified, closed-end management investment company. The fund seeks to provide current income that is exempt from regular federal income tax by investing primarily in municipal securities issued by states, territories, and local governments in the United States. The trust’s portfolio may include general obligation bonds, revenue bonds, and other debt obligations issued to finance public infrastructure and services. In addition to pursuing tax-advantaged income, the fund may seek capital appreciation when consistent with its investment strategy.