Pinnacle Associates Ltd. Grows Stock Position in iShares Biotechnology ETF $IBB

Pinnacle Associates Ltd. boosted its stake in shares of iShares Biotechnology ETF (NASDAQ:IBB) by 35.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 18,581 shares of the financial services provider’s stock after buying an additional 4,887 shares during the period. Pinnacle Associates Ltd.’s holdings in iShares Biotechnology ETF were worth $3,136,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of IBB. BNP Paribas Financial Markets grew its position in iShares Biotechnology ETF by 313.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,915,395 shares of the financial services provider’s stock valued at $276,526,000 after acquiring an additional 1,451,820 shares during the last quarter. WestEnd Advisors LLC bought a new position in iShares Biotechnology ETF in the 4th quarter valued at $106,276,000. Truist Financial Corp grew its position in iShares Biotechnology ETF by 2,239.6% in the 4th quarter. Truist Financial Corp now owns 642,023 shares of the financial services provider’s stock valued at $108,354,000 after acquiring an additional 614,582 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in iShares Biotechnology ETF in the 3rd quarter valued at $65,083,000. Finally, JPMorgan Chase & Co. grew its position in iShares Biotechnology ETF by 27.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,060,048 shares of the financial services provider’s stock valued at $153,039,000 after acquiring an additional 226,852 shares during the last quarter. Hedge funds and other institutional investors own 62.45% of the company’s stock.

iShares Biotechnology ETF Stock Down 2.6%

Shares of iShares Biotechnology ETF stock opened at $166.83 on Friday. The stock’s fifty day moving average is $169.24 and its two-hundred day moving average is $169.57. iShares Biotechnology ETF has a 52 week low of $118.51 and a 52 week high of $179.64.

iShares Biotechnology ETF Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Tuesday, March 17th were given a $0.1218 dividend. This represents a $0.49 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, March 17th.

About iShares Biotechnology ETF

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.