Brendel Financial Advisors LLC Reduces Stock Holdings in Invesco QQQ (NASDAQ:QQQ)

Brendel Financial Advisors LLC lowered its position in Invesco QQQ (NASDAQ:QQQ) by 3.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,595 shares of the exchange traded fund’s stock after selling 61 shares during the period. Brendel Financial Advisors LLC’s holdings in Invesco QQQ were worth $778,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Prospect Financial Services LLC boosted its stake in Invesco QQQ by 0.3% during the 2nd quarter. Prospect Financial Services LLC now owns 6,385 shares of the exchange traded fund’s stock valued at $3,059,000 after purchasing an additional 21 shares during the period. Skyline Advisors Inc. boosted its stake in Invesco QQQ by 5.0% during the 3rd quarter. Skyline Advisors Inc. now owns 441 shares of the exchange traded fund’s stock valued at $215,000 after purchasing an additional 21 shares during the period. Sweeney & Michel LLC boosted its stake in Invesco QQQ by 4.0% during the 2nd quarter. Sweeney & Michel LLC now owns 575 shares of the exchange traded fund’s stock valued at $286,000 after purchasing an additional 22 shares during the period. Family Firm Inc. boosted its stake in Invesco QQQ by 3.1% during the 2nd quarter. Family Firm Inc. now owns 738 shares of the exchange traded fund’s stock valued at $354,000 after purchasing an additional 22 shares during the period. Finally, Merriman Wealth Management LLC boosted its stake in Invesco QQQ by 0.5% during the 2nd quarter. Merriman Wealth Management LLC now owns 5,044 shares of the exchange traded fund’s stock valued at $2,420,000 after purchasing an additional 23 shares during the period. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Price Performance

NASDAQ:QQQ traded up $0.27 during mid-day trading on Thursday, hitting $493.42. 14,884,392 shares of the company’s stock traded hands, compared to its average volume of 39,351,438. The firm has a 50 day moving average of $471.00 and a two-hundred day moving average of $462.58. Invesco QQQ has a 12 month low of $342.35 and a 12 month high of $503.52.

Invesco QQQ Cuts Dividend

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

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.