Magnus Financial Group LLC Grows Stock Position in Invesco QQQ $QQQ

Key Points

• Magnus Financial Group LLC increased its stake in Invesco QQQ by 12.0% during the second quarter, bringing its total shares to 13,954 valued at approximately $7.7 million.
• Invesco QQQ announced a quarterly dividend of $0.694 per share, marking an increase from the previous $0.59 and resulting in an annualized dividend yield of 0.5%.
• Institutional investors hold 44.58% of Invesco QQQ, with significant recent purchases made by various hedge funds during the first and second quarters.

Magnus Financial Group LLC boosted its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 12.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,954 shares of the exchange traded fund's stock after acquiring an additional 1,491 shares during the quarter. Magnus Financial Group LLC's holdings in Invesco QQQ were worth $7,697,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new position in shares of Invesco QQQ during the 2nd quarter valued at approximately $41,000. Alpine Bank Wealth Management purchased a new position in shares of Invesco QQQ during the 1st quarter valued at approximately $50,000. Westend Capital Management LLC purchased a new position in shares of Invesco QQQ during the 1st quarter valued at approximately $51,000. Blume Capital Management Inc. boosted its stake in shares of Invesco QQQ by 105.0% during the 1st quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock valued at $57,000 after buying an additional 2,536 shares during the last quarter. Finally, Atlantic Private Wealth LLC boosted its stake in shares of Invesco QQQ by 3,000.0% during the 1st quarter. Atlantic Private Wealth LLC now owns 124 shares of the exchange traded fund's stock valued at $58,000 after buying an additional 120 shares during the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Trading Down 0.4%

Invesco QQQ stock opened at $593.53 on Friday. The stock has a 50 day moving average of $575.35 and a 200-day moving average of $526.62. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $602.87.

Invesco QQQ Increases Dividend

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

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.

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