Northwest Bancshares Inc. Takes $1.92 Million Position in Invesco QQQ (NASDAQ:QQQ)

Northwest Bancshares Inc. purchased a new stake in shares of Invesco QQQ (NASDAQ:QQQ) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,923 shares of the exchange traded fund’s stock, valued at approximately $1,915,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QQQ. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ in the 1st quarter worth approximately $28,000. Mechanics Financial Corp purchased a new stake in Invesco QQQ in the 2nd quarter worth approximately $30,000. Chelsea Counsel Co. purchased a new stake in Invesco QQQ during the 1st quarter valued at approximately $40,000. CGC Financial Services LLC grew its holdings in Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after buying an additional 81 shares in the last quarter. Finally, PFG Private Wealth Management LLC grew its holdings in Invesco QQQ by 572.2% during the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock valued at $58,000 after buying an additional 103 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 0.7 %

NASDAQ QQQ opened at $503.46 on Wednesday. Invesco QQQ has a one year low of $382.66 and a one year high of $515.58. The stock has a 50 day moving average price of $491.14 and a 200-day moving average price of $475.83.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were given a dividend of $0.677 per share. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.54%.

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.