Invesco QQQ (NASDAQ:QQQ) Sets New 12-Month High - Here's What Happened

Key Points

• Invesco QQQ reached a new 52-week high, trading as high as $751.49 and last changing hands around $752.66, up 1.3% from its prior close.
• The ETF announced a reduced quarterly dividend of $0.7514 per share, equivalent to $3.01 annually and a 0.4% yield; the payment is scheduled for October 8.
• Institutional investors and hedge funds own 44.58% of QQQ, which tracks the Nasdaq-100 Index and provides exposure to its component securities.

Invesco QQQ (NASDAQ:QQQ - ) shares hit a new 52-week high during mid-day trading on Friday. The stock traded as high as $751.49 and last traded at $752.6580, with a volume of 4967645 shares traded. The stock had previously closed at $742.03.

Invesco QQQ Trading Up 1.3%

The stock's fifty day moving average is $716.20 and its two-hundred day moving average is $692.01.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Monday, September 21st will be given a $0.7514 dividend. This represents a $3.01 annualized dividend and a dividend yield of 0.4%. This is a drop from Invesco QQQ's previous quarterly dividend of $0.8135. The ex-dividend date of this dividend is Monday, September 21st.

Institutional Trading of Invesco QQQ

Several institutional investors have recently made changes to their positions in the stock. CAP Partners LLC boosted its stake in shares of Invesco QQQ by 3.5% in the first quarter. CAP Partners LLC now owns 444 shares of the exchange traded fund's stock valued at $256,000 after purchasing an additional 15 shares during the period. Durante & Waters LLC increased its stake in Invesco QQQ by 1.1% during the 1st quarter. Durante & Waters LLC now owns 1,425 shares of the exchange traded fund's stock worth $822,000 after buying an additional 15 shares during the period. Roxbury Financial LLC increased its stake in Invesco QQQ by 19.7% during the 2nd quarter. Roxbury Financial LLC now owns 91 shares of the exchange traded fund's stock worth $67,000 after buying an additional 15 shares during the period. GoalVest Advisory LLC lifted its holdings in Invesco QQQ by 0.5% in the 2nd quarter. GoalVest Advisory LLC now owns 3,016 shares of the exchange traded fund's stock worth $2,221,000 after buying an additional 15 shares in the last quarter. Finally, Forty three Eighteen Advisors LLC lifted its holdings in Invesco QQQ by 0.6% in the 1st quarter. Forty three Eighteen Advisors LLC now owns 2,694 shares of the exchange traded fund's stock worth $1,555,000 after buying an additional 16 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.