Legend Financial Advisors Inc. Trims Position in Invesco QQQ (NASDAQ:QQQ)

Legend Financial Advisors Inc. lowered its stake in Invesco QQQ (NASDAQ:QQQ) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,433 shares of the exchange traded fund’s stock after selling 644 shares during the quarter. Invesco QQQ comprises approximately 8.5% of Legend Financial Advisors Inc.’s holdings, making the stock its 4th largest holding. Legend Financial Advisors Inc.’s holdings in Invesco QQQ were worth $11,736,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Atwater Malick LLC purchased a new position in shares of Invesco QQQ in the 1st quarter worth $293,000. Bank Hapoalim BM grew its position in Invesco QQQ by 6.3% in the fourth quarter. Bank Hapoalim BM now owns 77,333 shares of the exchange traded fund’s stock worth $31,669,000 after acquiring an additional 4,549 shares in the last quarter. Aviance Capital Partners LLC increased its stake in Invesco QQQ by 29.7% during the fourth quarter. Aviance Capital Partners LLC now owns 4,514 shares of the exchange traded fund’s stock worth $1,848,000 after acquiring an additional 1,033 shares during the last quarter. Ameriprise Financial Inc. raised its position in Invesco QQQ by 6.1% during the third quarter. Ameriprise Financial Inc. now owns 4,259,295 shares of the exchange traded fund’s stock valued at $1,530,696,000 after purchasing an additional 243,305 shares during the period. Finally, GenWealth Group Inc. lifted its stake in shares of Invesco QQQ by 5.8% in the 1st quarter. GenWealth Group Inc. now owns 42,457 shares of the exchange traded fund’s stock valued at $18,851,000 after purchasing an additional 2,325 shares during the last quarter. Institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ traded down $2.50 during trading hours on Friday, hitting $479.11. 34,881,581 shares of the company traded hands, compared to its average volume of 28,583,126. The company’s 50 day moving average price is $454.85 and its 200 day moving average price is $436.54. Invesco QQQ has a 12 month low of $342.35 and a 12 month high of $487.20.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, June 24th will be paid a $0.7615 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $3.05 annualized dividend and a dividend yield of 0.64%. This is an increase from Invesco QQQ’s previous quarterly dividend of $0.57.

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.