Invesco QQQ (NASDAQ:QQQ) Stock Price Down 0.1% – Here’s What Happened

Invesco QQQ (NASDAQ:QQQ) was down 0.1% on Wednesday . The company traded as low as $487.57 and last traded at $490.53. Approximately 6,797,507 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 39,060,172 shares. The stock had previously closed at $490.85.

Invesco QQQ Stock Performance

The stock’s 50-day moving average price is $474.82 and its 200-day moving average price is $464.10.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd will be given a dividend of $0.677 per share. 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 Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in QQQ. Ameriprise Financial Inc. lifted its stake in Invesco QQQ by 7.3% in the second quarter. Ameriprise Financial Inc. now owns 4,966,637 shares of the exchange traded fund’s stock valued at $2,379,676,000 after buying an additional 338,494 shares during the period. Global Assets Advisory LLC bought a new stake in shares of Invesco QQQ in the 1st quarter valued at about $1,580,776,000. Steel Grove Capital Advisors LLC increased its stake in shares of Invesco QQQ by 934.0% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 3,434,759 shares of the exchange traded fund’s stock valued at $1,525,067,000 after acquiring an additional 3,102,568 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Invesco QQQ by 1.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,199,214 shares of the exchange traded fund’s stock valued at $1,532,904,000 after acquiring an additional 33,790 shares during the last quarter. Finally, Strategic Financial Concepts LLC increased its stake in shares of Invesco QQQ by 18,691.3% in the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after acquiring an additional 2,762,571 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.