Beacon Investment Advisory Services Inc. Boosts Stock Holdings in Invesco QQQ $QQQ

Key Points

• Beacon Investment Advisory Services Inc. increased its holdings in Invesco QQQ by 16.9% during the second quarter, bringing its total to 2,956 shares valued at approximately $1.63 million.
• Other institutional investors also significantly increased their positions, with Kingstone Capital Partners boosting its stake by 704,593.7%.
• Invesco QQQ recently increased its quarterly dividend to $0.694, up from $0.59, representing a 0.5% dividend yield.

Beacon Investment Advisory Services Inc. raised its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 16.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 2,956 shares of the exchange traded fund's stock after purchasing an additional 428 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Invesco QQQ were worth $1,631,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in QQQ. Kingstone Capital Partners Texas LLC grew its position in shares of Invesco QQQ by 704,593.7% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 67,615,365 shares of the exchange traded fund's stock worth $37,299,340,000 after buying an additional 67,605,770 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Invesco QQQ by 959.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock worth $11,300,023,000 after buying an additional 21,823,765 shares during the last quarter. Mullooly Asset Management Inc. purchased a new position in shares of Invesco QQQ in the 1st quarter worth approximately $2,775,904,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Invesco QQQ by 1.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,201,107 shares of the exchange traded fund's stock worth $1,501,063,000 after buying an additional 52,234 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of Invesco QQQ by 2.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 2,480,244 shares of the exchange traded fund's stock worth $1,163,036,000 after buying an additional 54,944 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Down 0.4%

Shares of Invesco QQQ stock opened at $596.10 on Thursday. The firm's 50 day moving average price is $574.71 and its 200-day moving average price is $525.78. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $602.87.

Invesco QQQ Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 22nd will be given a $0.694 dividend. This represents a $2.78 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, September 22nd. This is an increase from Invesco QQQ's previous quarterly dividend of $0.59.

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.

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