West Michigan Advisors LLC Reduces Stock Holdings in Invesco QQQ (NASDAQ:QQQ)

West Michigan Advisors LLC cut its holdings in Invesco QQQ (NASDAQ:QQQ) by 59.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 553 shares of the exchange traded fund’s stock after selling 797 shares during the quarter. West Michigan Advisors LLC’s holdings in Invesco QQQ were worth $270,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in QQQ. New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ during the 1st quarter worth about $28,000. Mechanics Financial Corp acquired a new stake in shares of Invesco QQQ during the second quarter worth about $30,000. Chelsea Counsel Co. purchased a new stake in Invesco QQQ in the first quarter valued at approximately $40,000. CGC Financial Services LLC increased its holdings in Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after buying an additional 81 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. raised its position in Invesco QQQ by 30.4% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock worth $46,000 after buying an additional 24 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ opened at $495.32 on Friday. The company has a 50 day simple moving average of $480.10 and a two-hundred day simple moving average of $466.30. Invesco QQQ has a 12 month low of $342.35 and a 12 month high of $503.52.

Invesco QQQ Cuts Dividend

The firm 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 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Monday, September 23rd.

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.