JPL Wealth Management LLC Trims Stock Position in Invesco QQQ (NASDAQ:QQQ)

JPL Wealth Management LLC cut its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 18.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,357 shares of the exchange traded fund's stock after selling 2,090 shares during the period. Invesco QQQ accounts for 1.7% of JPL Wealth Management LLC's holdings, making the stock its 17th biggest holding. JPL Wealth Management LLC's holdings in Invesco QQQ were worth $4,155,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bridge Generations Wealth Management LLC bought a new position in shares of Invesco QQQ during the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Invesco QQQ during the fourth quarter valued at approximately $36,000. 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 purchased a new stake in Invesco QQQ during the first quarter valued at approximately $51,000. Finally, Banque Transatlantique SA purchased a new stake in Invesco QQQ during the fourth quarter valued at approximately $57,000. 44.58% of the stock is currently owned by institutional investors.

Invesco QQQ Trading Up 0.2%

NASDAQ:QQQ traded up $1.36 during midday trading on Friday, reaching $566.37. 30,579,821 shares of the stock traded hands, compared to its average volume of 40,473,144. Invesco QQQ has a 12-month low of $402.39 and a 12-month high of $567.70. The business has a 50-day moving average of $539.14 and a two-hundred day moving average of $508.84.

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 issued a $0.5911 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.42%.

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.