Novak & Powell Financial Services Inc. Lowers Holdings in iShares Biotechnology ETF (NASDAQ:IBB)

Novak & Powell Financial Services Inc. lowered its stake in shares of iShares Biotechnology ETF (NASDAQ:IBB) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,342 shares of the financial services provider’s stock after selling 251 shares during the quarter. iShares Biotechnology ETF comprises about 0.9% of Novak & Powell Financial Services Inc.’s holdings, making the stock its 29th largest position. Novak & Powell Financial Services Inc.’s holdings in iShares Biotechnology ETF were worth $1,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of IBB. Proficio Capital Partners LLC acquired a new stake in iShares Biotechnology ETF during the fourth quarter worth about $480,000. IFP Advisors Inc grew its holdings in shares of iShares Biotechnology ETF by 237.1% during the 4th quarter. IFP Advisors Inc now owns 16,018 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 11,266 shares during the period. FineMark National Bank & Trust acquired a new stake in iShares Biotechnology ETF during the 4th quarter worth approximately $319,000. Cullen Frost Bankers Inc. increased its position in iShares Biotechnology ETF by 1.5% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,654 shares of the financial services provider’s stock worth $748,000 after purchasing an additional 82 shares in the last quarter. Finally, Modern Wealth Management LLC purchased a new position in iShares Biotechnology ETF in the fourth quarter valued at approximately $237,000. 62.45% of the stock is currently owned by hedge funds and other institutional investors.

iShares Biotechnology ETF Stock Up 1.8%

IBB opened at $124.67 on Wednesday. iShares Biotechnology ETF has a 52-week low of $107.43 and a 52-week high of $150.57. The company has a 50 day moving average of $123.38 and a two-hundred day moving average of $132.45. The company has a market cap of $5.45 billion, a P/E ratio of 23.96 and a beta of 0.84.

iShares Biotechnology ETF Increases Dividend

The firm also recently announced a dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 18th were issued a dividend of $0.1212 per share. This is a positive change from iShares Biotechnology ETF’s previous dividend of $0.06. The ex-dividend date of this dividend was Tuesday, March 18th.

iShares Biotechnology ETF Company Profile

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.