Sovereign Financial Group Inc. Decreases Holdings in ProShares UltraPro QQQ (NASDAQ:TQQQ)

Sovereign Financial Group Inc. trimmed its stake in shares of ProShares UltraPro QQQ (NASDAQ:TQQQ) by 47.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 5,418 shares of the exchange traded fund’s stock after selling 4,964 shares during the quarter. Sovereign Financial Group Inc.’s holdings in ProShares UltraPro QQQ were worth $310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new position in ProShares UltraPro QQQ in the 4th quarter valued at about $791,000. Raymond James Financial Inc. purchased a new position in shares of ProShares UltraPro QQQ in the fourth quarter valued at approximately $364,000. Chung Wu Investment Group LLC purchased a new position in shares of ProShares UltraPro QQQ in the fourth quarter valued at approximately $983,000. LPL Financial LLC lifted its position in shares of ProShares UltraPro QQQ by 15.5% in the fourth quarter. LPL Financial LLC now owns 71,975 shares of the exchange traded fund’s stock valued at $5,695,000 after acquiring an additional 9,684 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in shares of ProShares UltraPro QQQ in the fourth quarter valued at approximately $390,000.

ProShares UltraPro QQQ Price Performance

NASDAQ TQQQ opened at $74.21 on Friday. The stock’s 50 day simple moving average is $58.43 and its 200-day simple moving average is $71.56. The company has a market cap of $28.74 billion, a PE ratio of 32.04 and a beta of 3.45. ProShares UltraPro QQQ has a 1-year low of $35.00 and a 1-year high of $93.79.

ProShares UltraPro QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Wednesday, March 26th were issued a $0.1977 dividend. The ex-dividend date was Wednesday, March 26th. This represents a $0.79 dividend on an annualized basis and a yield of 1.07%.

About ProShares UltraPro QQQ

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments.