Traynor Capital Management Inc. Increases Stake in Invesco QQQ (NASDAQ:QQQ)

Traynor Capital Management Inc. raised its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 6.1% in the third quarter, Holdings Channel reports. The institutional investor owned 16,284 shares of the exchange traded fund’s stock after acquiring an additional 939 shares during the period. Traynor Capital Management Inc.’s holdings in Invesco QQQ were worth $7,948,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in QQQ. New Covenant Trust Company N.A. purchased a new stake in shares of Invesco QQQ in the first quarter worth $28,000. Mechanics Financial Corp purchased a new position in Invesco QQQ during the second quarter valued at $30,000. Chelsea Counsel Co. purchased a new position in Invesco QQQ during the first quarter valued at $40,000. CGC Financial Services LLC grew its stake in Invesco QQQ by 736.4% during the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after acquiring an additional 81 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. grew its stake in Invesco QQQ by 30.4% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock valued at $46,000 after acquiring an additional 24 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Up 0.0 %

QQQ opened at $495.40 on Tuesday. The company has a fifty day moving average of $480.79 and a 200 day moving average of $467.41. Invesco QQQ has a fifty-two week low of $346.45 and a fifty-two week high of $503.52.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be paid a dividend of $0.677 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.71 annualized dividend and a yield of 0.55%.

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.