Summit Financial LLC Buys 32,139 Shares of Invesco QQQ $QQQ

Key Points

• Summit Financial LLC boosted its stake in Invesco QQQ shares by 85.5%, holding 69,746 shares valued at approximately $32.7 million.
• Other institutional investors have also made recent investments in Invesco QQQ, increasing institutional ownership to 44.58%.
• Invesco QQQ declared a quarterly dividend of $0.5911 per share, with an annualized yield of 0.4%, reflecting its commitment to returning value to shareholders.

Summit Financial LLC lifted its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 85.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,746 shares of the exchange traded fund's stock after purchasing an additional 32,139 shares during the period. Invesco QQQ makes up about 0.9% of Summit Financial LLC's investment portfolio, making the stock its 18th biggest position. Summit Financial LLC's holdings in Invesco QQQ were worth $32,705,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of QQQ. Estate Counselors LLC acquired a new position in Invesco QQQ during the 1st quarter worth $720,000. Partners Capital Investment Group LLP increased its stake in shares of Invesco QQQ by 121.0% in the 1st quarter. Partners Capital Investment Group LLP now owns 20,142 shares of the exchange traded fund's stock valued at $9,445,000 after buying an additional 11,026 shares during the period. Joseph P. Lucia & Associates LLC raised its position in shares of Invesco QQQ by 1.3% during the first quarter. Joseph P. Lucia & Associates LLC now owns 10,136 shares of the exchange traded fund's stock worth $4,753,000 after acquiring an additional 134 shares during the last quarter. TFB Advisors LLC raised its position in shares of Invesco QQQ by 12.5% during the first quarter. TFB Advisors LLC now owns 7,743 shares of the exchange traded fund's stock worth $3,631,000 after acquiring an additional 863 shares during the last quarter. Finally, Banco BTG Pactual S.A. acquired a new position in shares of Invesco QQQ during the first quarter valued at $2,822,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

Invesco QQQ stock traded up $8.69 during mid-day trading on Friday, hitting $571.97. The stock had a trading volume of 51,413,030 shares, compared to its average volume of 46,061,000. The stock has a 50-day simple moving average of $557.92 and a two-hundred day simple moving average of $515.81. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $583.32.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were paid a $0.5911 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a 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.