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

Invesco QQQ (NASDAQ:QQQ) shares were up 1.2% during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $538.19 and last traded at $538.22. Approximately 13,206,064 shares were traded during mid-day trading, a decline of 66% from the average daily 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. Shareholders of record on Monday, June 23rd will be paid a $0.5911 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.44%.

Invesco QQQ Price Performance

The business’s 50-day moving average is $502.05 and its two-hundred day moving average is $503.19.

Institutional Trading of Invesco QQQ

Several hedge funds have recently bought and sold shares of the stock. Bridge Generations Wealth Management LLC bought a new position in shares of Invesco QQQ in the 4th quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Invesco QQQ in the fourth quarter valued at $36,000. Alpine Bank Wealth Management bought a new position in Invesco QQQ in the 1st quarter valued at about $50,000. Midwest Capital Advisors LLC acquired a new stake in Invesco QQQ during the 4th quarter worth approximately $51,000. Finally, Westend Capital Management LLC acquired a new stake in shares of Invesco QQQ during the first quarter worth $51,000. 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.