Weitzel Financial Services Inc. Has $7.48 Million Holdings in Invesco QQQ $QQQ

Key Points

• Weitzel Financial Services Inc. increased its holdings in Invesco QQQ by 50.5%, acquiring 5,569 additional shares during the first quarter and now owns 16,591 shares of the ETF.
• Other institutional investors have also significantly increased their stakes in Invesco QQQ, with Goldman Sachs lifting its position by 959.6%, now holding over 24 million shares.
• The Invesco QQQ recently cut its dividend, with an annualized rate of $2.36 and a yield of 0.4%, paid to shareholders on June 30th.

Weitzel Financial Services Inc. boosted its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 50.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,591 shares of the exchange traded fund's stock after purchasing an additional 5,569 shares during the period. Invesco QQQ accounts for approximately 3.6% of Weitzel Financial Services Inc.'s holdings, making the stock its 11th largest holding. Weitzel Financial Services Inc.'s holdings in Invesco QQQ were worth $7,478,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. MAI Capital Management increased its stake in shares of Invesco QQQ by 3.0% in the 1st quarter. MAI Capital Management now owns 340,727 shares of the exchange traded fund's stock valued at $159,774,000 after buying an additional 10,052 shares during the period. Ewing Morris & Co. Investment Partners Ltd. grew its stake in shares of Invesco QQQ by 49.6% during the first quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 10,375 shares of the exchange traded fund's stock worth $4,865,000 after purchasing an additional 3,441 shares during the period. Calton & Associates Inc. grew its stake in shares of Invesco QQQ by 61.2% during the first quarter. Calton & Associates Inc. now owns 40,278 shares of the exchange traded fund's stock worth $18,887,000 after purchasing an additional 15,288 shares during the period. Brasada Capital Management LP grew its stake in shares of Invesco QQQ by 128.9% during the first quarter. Brasada Capital Management LP now owns 1,124 shares of the exchange traded fund's stock worth $527,000 after purchasing an additional 5,015 shares during the period. Finally, Second Line Capital LLC grew its stake in shares of Invesco QQQ by 1.6% during the first quarter. Second Line Capital LLC now owns 1,895 shares of the exchange traded fund's stock worth $889,000 after purchasing an additional 30 shares during the period. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Stock Performance

QQQ stock traded up $4.45 during midday trading on Wednesday, hitting $570.07. 54,085,885 shares of the company's stock were exchanged, compared to its average volume of 45,126,477. The stock's fifty day moving average price is $563.53 and its 200-day moving average price is $517.73. Invesco QQQ has a one year low of $402.39 and a one year high of $583.32.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 23rd were given 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 dividend 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.