Somerset Group LLC Has $7.10 Million Position in Invesco QQQ (NASDAQ:QQQ)

Key Points

• Somerset Group LLC increased its holding in Invesco QQQ by 8.2%, owning 15,148 shares worth approximately $7.10 million after purchasing additional shares in the first quarter.
• Invesco QQQ recently declared a quarterly dividend of $0.5911 per share, resulting in an annualized dividend of $2.36 and a yield of 0.4%.
• Approximately 44.58% of Invesco QQQ's stock is owned by institutional investors, indicating strong interest from large financial entities.

Somerset Group LLC raised its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,148 shares of the exchange traded fund's stock after purchasing an additional 1,152 shares during the period. Invesco QQQ accounts for approximately 6.5% of Somerset Group LLC's portfolio, making the stock its 3rd largest holding. Somerset Group LLC's holdings in Invesco QQQ were worth $7,103,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bridge Generations Wealth Management LLC purchased a new stake in shares of Invesco QQQ during the fourth quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Invesco QQQ in the fourth quarter worth $36,000. Alpine Bank Wealth Management purchased a new stake in shares of Invesco QQQ in the first quarter worth $50,000. Westend Capital Management LLC purchased a new stake in shares of Invesco QQQ in the first quarter worth $51,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Invesco QQQ in the fourth quarter worth $57,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Stock Performance

NASDAQ QQQ opened at $577.34 on Friday. The stock's 50-day simple moving average is $554.13 and its two-hundred day simple moving average is $514.17. Invesco QQQ has a twelve month low of $402.39 and a twelve month high of $583.32.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were given a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.4%.

Invesco QQQ 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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