11,540 Shares in Invesco QQQ (NASDAQ:QQQ) Bought by Ackerman Asset Management LLC

Key Points

• Ackerman Asset Management LLC has made a new investment in Invesco QQQ, purchasing 11,540 shares valued at approximately $5.41 million, representing about 4.9% of its portfolio.
• Other large investors have also increased their stakes in Invesco QQQ, with significant increases from firms such as Legacy Investment Solutions and Laird Norton Wetherby Wealth Management.
• Invesco QQQ recently announced a quarterly dividend of $0.5911 per share, leading to an annualized dividend yield of 0.42%.

Ackerman Asset Management LLC bought a new stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,540 shares of the exchange traded fund's stock, valued at approximately $5,411,000. Invesco QQQ makes up about 4.9% of Ackerman Asset Management LLC's portfolio, making the stock its 5th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bridge Generations Wealth Management LLC purchased a new position in Invesco QQQ during the 4th quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Invesco QQQ during the 4th quarter worth $36,000. Alpine Bank Wealth Management purchased a new position in Invesco QQQ during the 1st quarter worth $50,000. Westend Capital Management LLC purchased a new position in Invesco QQQ during the 1st quarter worth $51,000. Finally, Banque Transatlantique SA purchased a new position in Invesco QQQ during the 4th quarter worth $57,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Performance

QQQ stock traded down $11.13 during midday trading on Friday, reaching $553.88. The stock had a trading volume of 69,290,965 shares, compared to its average volume of 44,970,789. The firm has a fifty day simple moving average of $543.12 and a two-hundred day simple moving average of $510.39. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $574.63.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 23rd were paid a $0.5911 dividend. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.4%.

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.