Independent Advisor Alliance Cuts Stake in Invesco QQQ (NASDAQ:QQQ)

Independent Advisor Alliance lowered its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 14.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,446 shares of the exchange traded fund’s stock after selling 1,057 shares during the period. Independent Advisor Alliance’s holdings in Invesco QQQ were worth $3,146,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. New Covenant Trust Company N.A. bought a new position in Invesco QQQ during the first quarter valued at approximately $28,000. Mechanics Financial Corp bought a new position in Invesco QQQ during the second quarter valued at approximately $30,000. Chelsea Counsel Co. bought a new position in Invesco QQQ during the first quarter valued at approximately $40,000. CGC Financial Services LLC boosted its stake in Invesco QQQ by 736.4% during the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after buying an additional 81 shares during the last quarter. Finally, PFG Private Wealth Management LLC boosted its stake in Invesco QQQ by 572.2% during the second quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock valued at $58,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Price Performance

Shares of Invesco QQQ stock opened at $506.59 on Tuesday. The stock has a 50 day moving average of $493.75 and a 200 day moving average of $477.65. Invesco QQQ has a 12 month low of $382.66 and a 12 month high of $515.58.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were paid a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Monday, September 23rd.

Invesco QQQ 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.