Invesco QQQ (NASDAQ:QQQ) Trading Up 1.2% Following Dividend Announcement

Invesco QQQ (NASDAQ:QQQ) shares shot up 1.2% on Tuesday after the company announced a dividend. The stock 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 given a dividend of $0.5911 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.44%.

Invesco QQQ Stock Performance

The company has a fifty day simple moving average of $502.05 and a 200-day simple moving average of $503.19.

Hedge Funds Weigh In On Invesco QQQ

Institutional investors and hedge funds have recently modified their holdings of the stock. Bridge Generations Wealth Management LLC acquired a new stake in Invesco QQQ in the 4th quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Invesco QQQ during the fourth quarter worth $36,000. Alpine Bank Wealth Management acquired a new position in Invesco QQQ in the first quarter valued at about $50,000. Midwest Capital Advisors LLC bought a new stake in Invesco QQQ during the 4th quarter worth approximately $51,000. Finally, Westend Capital Management LLC bought a new position in shares of Invesco QQQ in the first quarter valued at about $51,000. 44.58% of the stock is currently owned by hedge funds and other 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.