Shares of Invesco Trust for Investment Grade Municipals (NYSE: VGM) reached a new 52-week high during mid-day trading on Friday, buoyed by the announcement of a dividend. The stock peaked at $10.05 before settling at $10.03, with a trading volume of 541,510 shares. This marks an increase from the previous closing price of $9.76.
Invesco Trust announced that the new dividend will be paid on Friday, June 28th. Shareholders of record as of Tuesday, June 18th will receive a dividend of $0.0646 per share. This translates to an annualized dividend of $0.78, yielding 7.68%. This is an improvement from the prior monthly dividend of $0.04. The ex-dividend date is set for Tuesday, June 18th.
Invesco Trust for Investment Grade Municipals Rises 3.5%
The stock’s performance is supported by its 50-day moving average of $9.72 and a 200-day moving average of $9.70.
Institutional Investors Increase Holdings in Invesco Trust for Investment Grade Municipals
Several institutional investors and hedge funds have recently adjusted their positions in Invesco Trust for Investment Grade Municipals. Fiera Capital Corp acquired a new stake in the fourth quarter valued at approximately $10.25 million. Karpus Management Inc. increased its position by 30.0% during the same period, now holding 3,199,553 shares worth $31.64 million after adding 738,008 shares.
Robinson Capital Management LLC expanded its holdings by 103.2% during the third quarter, owning 451,610 shares valued at $3.86 million after purchasing an additional 229,345 shares. AQR Arbitrage LLC also increased its stake by 97.4% in the third quarter, now holding 399,294 shares worth $3.39 million after acquiring an additional 197,033 shares. In the first quarter, Allspring Global Investments Holdings LLC boosted its holdings by 358.1%, now owning 246,388 shares valued at $2.43 million after adding 192,598 shares.
Overall, institutional investors and hedge funds own 38.13% of the company’s stock.
