Invesco QQQ (NASDAQ:QQQ) Trading Up 0.5% Following Dividend Announcement

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s stock price shot up 0.5% during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $493.51 and last traded at $493.21. 9,253,483 shares were traded during trading, a decline of 75% from the average session volume of 36,757,281 shares. The stock had previously closed at $490.66.

The newly announced dividend which will be paid on Wednesday, April 30th. Investors of record on Monday, March 24th will be issued a $0.7157 dividend. The ex-dividend date of this dividend is Monday, March 24th.

Invesco QQQ Trading Down 2.6 %

The company has a market cap of $295.55 billion, a P/E ratio of 30.74 and a beta of 1.11. The business's 50 day simple moving average is $508.43 and its 200 day simple moving average is $505.09.

Institutional Trading of Invesco QQQ

Several institutional investors and hedge funds have recently modified their holdings of QQQ. Milestone Asset Management Group LLC bought a new position in Invesco QQQ in the 4th quarter worth approximately $5,938,000. Life Line Wealth Management LLC purchased a new position in Invesco QQQ during the fourth quarter valued at $55,030,000. Avant Financial Advisors LLC purchased a new position in Invesco QQQ during the fourth quarter valued at $465,000. Mascagni Wealth Management Inc. bought a new stake in Invesco QQQ in the 4th quarter valued at $1,131,000. Finally, Nestegg Advisors Inc. purchased a new stake in Invesco QQQ in the 4th quarter worth $247,000. 44.58% of the stock is currently owned by institutional investors.

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.