Sovran Advisors LLC Increases Holdings in Invesco QQQ (NASDAQ:QQQ)

Sovran Advisors LLC raised its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 27.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,325 shares of the exchange traded fund's stock after buying an additional 4,856 shares during the quarter. Invesco QQQ comprises 1.3% of Sovran Advisors LLC's investment portfolio, making the stock its 10th largest holding. Sovran Advisors LLC's holdings in Invesco QQQ were worth $9,914,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of QQQ. Ameriprise Financial Inc. raised its stake in shares of Invesco QQQ by 20.2% in the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock valued at $2,300,993,000 after purchasing an additional 756,990 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Invesco QQQ by 0.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund's stock valued at $1,593,354,000 after purchasing an additional 27,115 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Invesco QQQ by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,425,300 shares of the exchange traded fund's stock valued at $1,239,886,000 after purchasing an additional 52,235 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Invesco QQQ by 34.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,199,820 shares of the exchange traded fund's stock valued at $1,124,614,000 after purchasing an additional 568,120 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Invesco QQQ by 55,795.2% in the first quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock valued at $8,777,850,000 after purchasing an additional 1,868,580 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Performance

NASDAQ:QQQ traded up $1.87 during trading hours on Friday, reaching $548.09. The company had a trading volume of 57,440,636 shares, compared to its average volume of 39,006,887. The stock has a 50-day moving average of $509.76 and a two-hundred day moving average of $503.88. Invesco QQQ has a one year low of $402.39 and a one year high of $549.99.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be given a $0.5911 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 23rd.

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.