Acorn Financial Advisory Services Inc. ADV Reduces Stock Position in Invesco QQQ (NASDAQ:QQQ)

Acorn Financial Advisory Services Inc. ADV decreased its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,036 shares of the exchange traded fund's stock after selling 1,201 shares during the quarter. Invesco QQQ comprises approximately 2.4% of Acorn Financial Advisory Services Inc. ADV's portfolio, making the stock its 13th biggest holding. Acorn Financial Advisory Services Inc. ADV's holdings in Invesco QQQ were worth $13,147,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bridge Generations Wealth Management LLC purchased a new stake in Invesco QQQ during the fourth quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Invesco QQQ during the fourth quarter valued at about $36,000. Alpine Bank Wealth Management purchased a new stake in shares of Invesco QQQ during the first quarter worth about $50,000. Westend Capital Management LLC purchased a new stake in shares of Invesco QQQ during the first quarter worth about $51,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Invesco QQQ during the fourth quarter worth about $57,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Performance

Shares of Invesco QQQ stock traded up $0.31 during trading on Tuesday, reaching $552.34. 35,841,352 shares of the stock were exchanged, compared to its average volume of 45,116,508. The stock's fifty day moving average is $521.12 and its 200 day moving average is $504.84. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $557.20.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. The ex-dividend date is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.43%.

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.