Mechanics Bank Trust Department Sells 1,645 Shares of Invesco QQQ (NASDAQ:QQQ)

Mechanics Bank Trust Department cut its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,017 shares of the exchange traded fund's stock after selling 1,645 shares during the period. Invesco QQQ accounts for 1.8% of Mechanics Bank Trust Department's portfolio, making the stock its 8th largest position. Mechanics Bank Trust Department's holdings in Invesco QQQ were worth $13,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC increased its holdings in shares of Invesco QQQ by 51,292.3% in the 4th quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund's stock worth $5,879,434,000 after acquiring an additional 11,478,188 shares during the period. Strategic Financial Concepts LLC increased its holdings in shares of Invesco QQQ by 47,853.9% in the 4th quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund's stock worth $2,103,184,000 after acquiring an additional 4,105,389 shares during the period. NWI Management LP increased its holdings in shares of Invesco QQQ by 121.6% in the 4th quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock worth $331,277,000 after acquiring an additional 3,648,000 shares during the period. GAMMA Investing LLC increased its holdings in shares of Invesco QQQ by 55,795.2% in the 1st quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock worth $8,777,850,000 after acquiring an additional 1,868,580 shares during the period. Finally, Senator Investment Group LP acquired a new stake in shares of Invesco QQQ in the 4th quarter worth about $679,936,000. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Price Performance

Shares of QQQ stock traded up $4.10 during trading hours on Monday, reaching $523.21. The stock had a trading volume of 44,563,388 shares, compared to its average volume of 37,701,776. Invesco QQQ has a twelve month low of $402.39 and a twelve month high of $540.81. The firm has a 50-day simple moving average of $478.06 and a 200-day simple moving average of $500.97. The firm has a market capitalization of $327.87 billion, a PE ratio of 30.62 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 24th were issued a $0.7157 dividend. The ex-dividend date of this dividend was Monday, March 24th.

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.