Invesco QQQ (NASDAQ:QQQ) Reaches New 12-Month High - Time to Buy?

Key Points

• Invesco QQQ shares have reached a new 52-week high, trading at $603.59 with strong volume of over 32 million shares.
• The company has announced an increase in its quarterly dividend to $0.694 per share, up from the previous $0.59, indicating positive growth prospects.
• Institutional investors now hold approximately 44.58% of Invesco QQQ's stock, reflecting increased confidence from hedge funds and financial institutions in the ETF's performance.

Invesco QQQ (NASDAQ:QQQ - ) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $603.46 and last traded at $603.59, with a volume of 32664592 shares changing hands. The stock had previously closed at $600.37.

Invesco QQQ Trading Up 0.5%

The business has a 50-day simple moving average of $577.51 and a 200 day simple moving average of $529.57.

Invesco QQQ Increases Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QQQ. Compass Financial Services Inc grew its holdings in shares of Invesco QQQ by 0.4% during the 1st quarter. Compass Financial Services Inc now owns 5,001 shares of the exchange traded fund's stock worth $2,345,000 after acquiring an additional 19 shares during the period. Vermillion Wealth Management Inc. grew its holdings in shares of Invesco QQQ by 4.2% during the 2nd quarter. Vermillion Wealth Management Inc. now owns 491 shares of the exchange traded fund's stock worth $271,000 after acquiring an additional 20 shares during the period. Barrett & Company Inc. grew its holdings in shares of Invesco QQQ by 14.9% during the 2nd quarter. Barrett & Company Inc. now owns 154 shares of the exchange traded fund's stock worth $85,000 after acquiring an additional 20 shares during the period. waypoint wealth counsel grew its holdings in shares of Invesco QQQ by 0.6% during the 2nd quarter. waypoint wealth counsel now owns 3,560 shares of the exchange traded fund's stock worth $1,964,000 after acquiring an additional 20 shares during the period. Finally, Investment Advisory Group LLC grew its holdings in shares of Invesco QQQ by 0.4% during the 2nd quarter. Investment Advisory Group LLC now owns 5,726 shares of the exchange traded fund's stock worth $3,158,000 after acquiring an additional 20 shares during the period. Institutional investors own 44.58% of the company's stock.

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.

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