Invesco QQQ (NASDAQ:QQQ) Stock Price Up 0.7% – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s share price rose 0.7% during mid-day trading on Friday . The company traded as high as $495.44 and last traded at $494.90. Approximately 5,339,041 shares traded hands during trading, a decline of 86% from the average daily volume of 38,914,770 shares. The stock had previously closed at $491.25.

Invesco QQQ Trading Up 0.7 %

The stock’s 50-day simple moving average is $476.80 and its two-hundred day simple moving average is $464.48.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd will be issued a $0.677 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Monday, September 23rd.

Institutional Trading of Invesco QQQ

Hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. raised its position in Invesco QQQ by 7.3% in the second quarter. Ameriprise Financial Inc. now owns 4,966,637 shares of the exchange traded fund’s stock worth $2,379,676,000 after purchasing an additional 338,494 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of Invesco QQQ during the first quarter valued at $1,580,776,000. Steel Grove Capital Advisors LLC boosted its stake in shares of Invesco QQQ by 934.0% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 3,434,759 shares of the exchange traded fund’s stock valued at $1,525,067,000 after purchasing an additional 3,102,568 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Invesco QQQ by 1.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,199,214 shares of the exchange traded fund’s stock worth $1,532,904,000 after purchasing an additional 33,790 shares during the last quarter. Finally, Strategic Financial Concepts LLC lifted its holdings in Invesco QQQ by 18,691.3% during the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after purchasing an additional 2,762,571 shares during the last quarter. Institutional investors own 44.58% of the company’s stock.

Invesco QQQ Company Profile

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust’s investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.