Invesco QQQ (NASDAQ:QQQ) is Powell Investment Advisors LLC's 6th Largest Position

Powell Investment Advisors LLC grew its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 13.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,563 shares of the exchange traded fund's stock after purchasing an additional 2,863 shares during the quarter. Invesco QQQ makes up 5.7% of Powell Investment Advisors LLC's investment portfolio, making the stock its 6th largest position. Powell Investment Advisors LLC's holdings in Invesco QQQ were worth $11,536,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bridge Generations Wealth Management LLC purchased a new position in shares of Invesco QQQ in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Invesco QQQ during the fourth quarter worth about $36,000. Alpine Bank Wealth Management purchased a new position in shares of Invesco QQQ during the first quarter worth about $50,000. Westend Capital Management LLC acquired 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 in the 4th quarter valued at about $57,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Price Performance

Shares of NASDAQ QQQ opened at $553.88 on Friday. The business has a 50-day moving average price of $544.01 and a 200 day moving average price of $510.69. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $574.63.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd were given a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.4%.

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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