Invesco QQQ (NASDAQ:QQQ) Trading 0.7% Higher – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s share price rose 0.7% during trading on Friday . The stock traded as high as $495.44 and last traded at $494.90. Approximately 5,339,041 shares changed hands during mid-day 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 Price Performance

The firm’s 50-day simple moving average is $477.68 and its 200 day simple moving average is $464.99.

Invesco QQQ Cuts Dividend

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

Institutional Trading of Invesco QQQ

A number of large investors have recently added to or reduced their stakes in QQQ. McClarren Financial Advisors Inc. raised its position in shares of Invesco QQQ by 4.4% during the third quarter. McClarren Financial Advisors Inc. now owns 7,000 shares of the exchange traded fund’s stock worth $3,416,000 after purchasing an additional 293 shares during the period. Trinity Wealth Management LLC raised its holdings in Invesco QQQ by 1.9% during the 3rd quarter. Trinity Wealth Management LLC now owns 36,511 shares of the exchange traded fund’s stock worth $17,820,000 after buying an additional 679 shares during the period. Cyndeo Wealth Partners LLC raised its holdings in Invesco QQQ by 84.8% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 2,881 shares of the exchange traded fund’s stock worth $1,406,000 after buying an additional 1,322 shares during the period. Werba Rubin Papier Wealth Management lifted its stake in Invesco QQQ by 59.1% during the third quarter. Werba Rubin Papier Wealth Management now owns 2,179 shares of the exchange traded fund’s stock valued at $1,064,000 after buying an additional 809 shares in the last quarter. Finally, Cedrus LLC boosted its holdings in shares of Invesco QQQ by 180.9% in the third quarter. Cedrus LLC now owns 4,328 shares of the exchange traded fund’s stock worth $2,113,000 after buying an additional 2,787 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.