Brave Asset Management Inc. Invests $24.39 Million in Invesco QQQ (NASDAQ:QQQ)

Brave Asset Management Inc. acquired a new stake in Invesco QQQ (NASDAQ:QQQ) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 59,557 shares of the exchange traded fund’s stock, valued at approximately $24,390,000. Invesco QQQ accounts for about 6.9% of Brave Asset Management Inc.’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its position in shares of Invesco QQQ by 156,045.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 43,491,085 shares of the exchange traded fund’s stock worth $11,580,806,000 after purchasing an additional 43,463,232 shares in the last quarter. Morgan Stanley increased its stake in Invesco QQQ by 10.0% in the fourth quarter. Morgan Stanley now owns 16,815,487 shares of the exchange traded fund’s stock valued at $4,477,628,000 after purchasing an additional 1,533,114 shares during the last quarter. Barclays PLC increased its stake in Invesco QQQ by 113.5% in the second quarter. Barclays PLC now owns 5,777,618 shares of the exchange traded fund’s stock valued at $2,134,368,000 after purchasing an additional 48,423,350 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Invesco QQQ by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 4,531,165 shares of the exchange traded fund’s stock valued at $1,623,380,000 after purchasing an additional 52,019 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Invesco QQQ by 6.1% in the third quarter. Ameriprise Financial Inc. now owns 4,259,295 shares of the exchange traded fund’s stock valued at $1,530,696,000 after purchasing an additional 243,305 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Invesco QQQ stock traded down $0.82 during mid-day trading on Thursday, hitting $444.01. The company had a trading volume of 36,607,437 shares, compared to its average volume of 44,988,266. Invesco QQQ has a 1 year low of $309.89 and a 1 year high of $449.34. The business has a fifty day moving average of $433.84 and a 200 day moving average of $399.66.

Invesco QQQ Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, March 19th will be given a dividend of $0.5735 per share. The ex-dividend date is Monday, March 18th. This represents a $2.29 dividend on an annualized basis and a dividend yield of 0.52%.

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.