Zacks Investment Management Buys New Position in Invesco QQQ (NASDAQ:QQQ)

Zacks Investment Management purchased a new position in Invesco QQQ (NASDAQ:QQQ) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 8,587 shares of the exchange traded fund’s stock, valued at approximately $4,191,000.

A number of other large investors have also modified their holdings of the business. Mechanics Financial Corp purchased a new position in Invesco QQQ in the 2nd quarter worth $30,000. CGC Financial Services LLC raised its stake in shares of Invesco QQQ by 736.4% in the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after purchasing an additional 81 shares during the last quarter. Legacy Bridge LLC lifted its holdings in shares of Invesco QQQ by 60.0% during the third 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 period. BNP Paribas purchased a new stake in Invesco QQQ in the third quarter valued at approximately $62,000. Finally, CarsonAllaria Wealth Management Ltd. increased its holdings 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 worth $63,000 after buying an additional 28 shares during the period. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ opened at $526.48 on Monday. The company has a 50 day simple moving average of $499.59 and a two-hundred day simple moving average of $481.73. Invesco QQQ has a 12 month low of $386.96 and a 12 month high of $526.72.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd were issued a $0.677 dividend. This represents a $2.71 annualized dividend and a yield of 0.51%. 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.