GSB Wealth Management LLC Has $5.25 Million Position in Invesco QQQ $QQQ

Key Points

• GSB Wealth Management LLC reduced its stake in Invesco QQQ by 5.9%, now holding 9,524 shares, worth approximately $5.25 million.
• Invesco QQQ recently announced an increase in its quarterly dividend to $0.694, up from $0.59, with a 0.5% dividend yield.
• Institutional investors and hedge funds collectively own 44.58% of Invesco QQQ, indicating substantial institutional interest in the ETF.

GSB Wealth Management LLC lessened its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,524 shares of the exchange traded fund's stock after selling 595 shares during the period. Invesco QQQ accounts for 1.3% of GSB Wealth Management LLC's portfolio, making the stock its 15th largest holding. GSB Wealth Management LLC's holdings in Invesco QQQ were worth $5,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA acquired a new position in Invesco QQQ during the second quarter valued at approximately $41,000. Alpine Bank Wealth Management acquired a new position in Invesco QQQ during the first quarter valued at approximately $50,000. Westend Capital Management LLC acquired a new position in Invesco QQQ during the first quarter valued at approximately $51,000. Blume Capital Management Inc. grew its holdings in 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 during the last quarter. Finally, Atlantic Private Wealth LLC grew its holdings in Invesco QQQ by 3,000.0% during the first quarter. Atlantic Private Wealth LLC now owns 124 shares of the exchange traded fund's stock valued at $58,000 after purchasing an additional 120 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company's stock.

Invesco QQQ Trading Up 0.5%

Shares of QQQ stock opened at $602.20 on Tuesday. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $602.87. The business's 50 day moving average is $573.11 and its two-hundred day moving average is $524.79.

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 $0.694 dividend. This is a positive change from Invesco QQQ's previous quarterly dividend of $0.59. This represents a $2.78 annualized dividend and a dividend 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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