Invesco QQQ (NASDAQ:QQQ) Trading 1.9% Higher - Still a Buy?

Key Points

• Invesco QQQ shares rose by 1.9% during trading, reaching a last price of $573.86, despite a significant decline in trading volume.
• The company declared a quarterly dividend of $0.5911 per share, resulting in an annualized dividend yield of 0.4%.
• Approximately 44.58% of Invesco QQQ's stock is owned by institutional investors, with several firms recently establishing new positions.

Invesco QQQ (NASDAQ:QQQ - ) shares traded up 1.9% during trading on Friday . The company traded as high as $573.88 and last traded at $573.86. 21,536,462 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 44,852,320 shares. The stock had previously closed at $563.28.

Invesco QQQ Stock Up 1.5%

The stock's 50 day moving average is $557.02 and its 200 day moving average is $515.49.

Invesco QQQ Cuts Dividend

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

Institutional Investors Weigh In On Invesco QQQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in QQQ. Morgan Dempsey Capital Management LLC bought a new position in shares of Invesco QQQ during the second quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Invesco QQQ in the fourth quarter valued at $36,000. Marshall & Sullivan Inc. WA acquired a new position in Invesco QQQ in the second quarter valued at $41,000. Alpine Bank Wealth Management acquired a new position in Invesco QQQ in the first quarter valued at $50,000. Finally, Westend Capital Management LLC acquired a new position in Invesco QQQ in the first quarter valued at $51,000. 44.58% of the stock is currently owned by institutional investors.

Invesco QQQ Company 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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