Demars Financial Group LLC Reduces Stock Position in Invesco QQQ $QQQ

Key Points

• Demars Financial Group LLC drastically reduced its holdings in Invesco QQQ by 99.8%, selling 271,877 shares and retaining only 579, which are now valued at $319,000.
• Invesco QQQ announced a quarterly dividend of $0.694 per share, an increase from its previous dividend, with a yield of 0.5%.
• The current price of Invesco QQQ shares is $603.93, having seen a twelve-month high of $613.18 and a low of $402.39.

Demars Financial Group LLC reduced its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 99.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 579 shares of the exchange traded fund's stock after selling 271,877 shares during the period. Demars Financial Group LLC's holdings in Invesco QQQ were worth $319,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Morgan Dempsey Capital Management LLC bought a new position in shares of Invesco QQQ during the second quarter valued at approximately $30,000. Marshall & Sullivan Inc. WA bought a new position in shares of Invesco QQQ during the second quarter valued at approximately $41,000. Alpine Bank Wealth Management bought a new position in shares of Invesco QQQ during the first quarter valued at approximately $50,000. Westend Capital Management LLC bought a new position in shares of Invesco QQQ during the first quarter valued at approximately $51,000. Finally, Blume Capital Management Inc. increased its stake in shares of Invesco QQQ by 105.0% during the first quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock valued at $57,000 after purchasing an additional 2,536 shares in the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Price Performance

Shares of QQQ opened at $603.93 on Monday. The firm has a 50 day moving average of $587.30 and a 200 day moving average of $541.36. Invesco QQQ has a twelve month low of $402.39 and a twelve month high of $613.18.

Invesco QQQ Increases Dividend

The firm 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 dividend of $0.694 per share. 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 a positive change from Invesco QQQ's previous quarterly dividend of $0.59.

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.

Want to see what other hedge funds are holding QQQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invesco QQQ (NASDAQ:QQQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.