Invesco QQQ (NASDAQ:QQQ) Trading Up 0.6% – Here’s Why

Invesco QQQ (NASDAQ:QQQ) shares were up 0.6% on Friday . The company traded as high as $533.17 and last traded at $529.44. Approximately 9,599,155 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 37,118,438 shares. The stock had previously closed at $526.50.

Invesco QQQ Stock Up 0.5 %

The company’s fifty day moving average price is $502.92 and its two-hundred day moving average price is $483.29.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd were issued a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Monday, September 23rd.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QQQ. Mechanics Financial Corp bought a new stake in Invesco QQQ during the second quarter worth $30,000. Legacy Bridge LLC increased its stake in shares of Invesco QQQ by 60.0% during the 3rd quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock worth $59,000 after purchasing an additional 45 shares during the last quarter. BNP Paribas bought a new stake in shares of Invesco QQQ in the 3rd quarter valued at about $62,000. CarsonAllaria Wealth Management Ltd. lifted its stake in Invesco QQQ by 27.2% in the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 131 shares of the exchange traded fund’s stock valued at $63,000 after purchasing an additional 28 shares during the last quarter. Finally, Bray Capital Advisors grew its holdings in Invesco QQQ by 78.0% during the second quarter. Bray Capital Advisors now owns 146 shares of the exchange traded fund’s stock worth $70,000 after purchasing an additional 64 shares during the period. 44.58% of the stock is currently owned by institutional investors.

About Invesco QQQ

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.