Invesco QQQ $QQQ Stock Position Trimmed by Mechanics Bank Trust Department

Key Points

• Mechanics Bank Trust Department reduced its holdings in Invesco QQQ by 3.0%, now owning 27,184 shares valued at approximately $14.996 million.
• Institutional investments in Invesco QQQ increased, with Kingstone Capital Partners raising its stake dramatically by 704,593.7% during the second quarter.
• Invesco QQQ announced a quarterly dividend of $0.694 per share, marking an increase from its previous dividend of $0.59.

Mechanics Bank Trust Department lowered its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 3.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,184 shares of the exchange traded fund's stock after selling 833 shares during the period. Invesco QQQ comprises about 2.1% of Mechanics Bank Trust Department's portfolio, making the stock its 9th largest position. Mechanics Bank Trust Department's holdings in Invesco QQQ were worth $14,996,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in QQQ. Wilkins Miller Wealth Management LLC bought a new position in Invesco QQQ during the fourth quarter valued at about $1,018,000. Sendero Wealth Management LLC bought a new position in Invesco QQQ in the 1st quarter worth approximately $273,000. GSG Advisors LLC grew its stake in Invesco QQQ by 8.2% in the 1st quarter. GSG Advisors LLC now owns 7,726 shares of the exchange traded fund's stock valued at $3,600,000 after buying an additional 585 shares in the last quarter. Amundi raised its holdings in Invesco QQQ by 6.3% during the 1st quarter. Amundi now owns 110,903 shares of the exchange traded fund's stock valued at $49,980,000 after acquiring an additional 6,600 shares during the period. Finally, Orser Capital Management LLC purchased a new stake in shares of Invesco QQQ during the first quarter worth $566,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

Shares of NASDAQ QQQ traded up $2.85 during mid-day trading on Monday, hitting $602.20. The company had a trading volume of 57,065,386 shares, compared to its average volume of 47,450,008. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $602.87. The stock's 50-day moving average price is $573.11 and its 200-day moving average price is $524.79.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 22nd will be issued a dividend of $0.694 per share. This is a boost from Invesco QQQ's previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, September 22nd. This represents a $2.78 dividend on an annualized basis and a yield of 0.5%.

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.