Elite Wealth Management Inc. Trims Stake in Invesco QQQ $QQQ

Key Points

• Elite Wealth Management Inc. has reduced its stake in Invesco QQQ by 75.5%, now holding 1,975 shares after selling 6,077 shares in the second quarter.
• Invesco QQQ's recent dividend increase to $0.694 will be paid to shareholders on October 31st, representing an annualized yield of 0.5%.
• Several institutional investors have increased their positions in Invesco QQQ, with Brighton Jones LLC boosting its stake by 15.0% during the last quarter.

Elite Wealth Management Inc. trimmed its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 75.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,975 shares of the exchange traded fund's stock after selling 6,077 shares during the quarter. Invesco QQQ comprises about 0.4% of Elite Wealth Management Inc.'s holdings, making the stock its 18th largest position. Elite Wealth Management Inc.'s holdings in Invesco QQQ were worth $1,090,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QQQ. Brighton Jones LLC grew its position in Invesco QQQ by 15.0% during the fourth quarter. Brighton Jones LLC now owns 38,348 shares of the exchange traded fund's stock worth $19,605,000 after buying an additional 4,989 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Invesco QQQ by 3.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,257 shares of the exchange traded fund's stock worth $2,687,000 after buying an additional 176 shares in the last quarter. Wealth Group Ltd. grew its position in Invesco QQQ by 305.2% during the first quarter. Wealth Group Ltd. now owns 6,419 shares of the exchange traded fund's stock worth $3,010,000 after buying an additional 4,835 shares in the last quarter. GAMMA Investing LLC grew its position in Invesco QQQ by 19.2% during the first quarter. GAMMA Investing LLC now owns 3,992 shares of the exchange traded fund's stock worth $1,872,000 after buying an additional 643 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in Invesco QQQ by 2.3% during the first quarter. Fifth Third Bancorp now owns 23,196 shares of the exchange traded fund's stock worth $10,877,000 after buying an additional 518 shares in the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Invesco QQQ stock opened at $589.55 on Friday. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $613.18. The business has a 50-day simple moving average of $583.89 and a 200 day simple moving average of $535.94.

Invesco QQQ Increases Dividend

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

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.

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