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Invesco QQQ (NASDAQ:QQQ) Trading 1.2% Higher After Dividend Announcement

Invesco QQQ logo with Finance background

Shares of Invesco QQQ (NASDAQ:QQQ - Get Free Report) shot up 1.2% during trading on Tuesday following a dividend announcement from the company. The company traded as high as $538.19 and last traded at $538.22. 13,206,064 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 38,589,548 shares. The stock had previously closed at $531.65.

The newly announced dividend which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be paid a $0.5911 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 23rd.

Invesco QQQ Stock Up 0.3%

The firm has a fifty day moving average price of $507.68 and a 200 day moving average price of $503.87.

Hedge Funds Weigh In On Invesco QQQ

Several institutional investors have recently bought and sold shares of QQQ. Wilkins Miller Wealth Management LLC acquired a new stake in shares of Invesco QQQ in the 4th quarter valued at approximately $1,018,000. Synergy Investment Management LLC bought a new position in Invesco QQQ in the fourth quarter valued at $723,000. Grant Private Wealth Management Inc acquired a new stake in Invesco QQQ in the 4th quarter valued at $815,000. Tandem Investment Partners LLC acquired a new stake in Invesco QQQ in the 4th quarter valued at $4,623,000. Finally, Gemsstock Ltd. lifted its position in Invesco QQQ by 266.4% during the 4th quarter. Gemsstock Ltd. now owns 293,500 shares of the exchange traded fund's stock worth $150,046,000 after buying an additional 213,400 shares in the last quarter. Institutional investors own 44.58% of the company's stock.

About Invesco QQQ

(Get Free Report)

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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