Invesco QQQ (NASDAQ:QQQ) Stock Price Up 1.9% – Here’s Why

Invesco QQQ (NASDAQ:QQQGet Free Report)’s share price rose 1.9% during trading on Tuesday . The company traded as high as $710.05 and last traded at $708.97. 32,800,706 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 53,550,723 shares. The stock had previously closed at $696.06.

Key Stories Impacting Invesco QQQ

Here are the key news stories impacting Invesco QQQ this week:

Invesco QQQ Price Performance

The company has a 50-day simple moving average of $719.91 and a two-hundred day simple moving average of $655.21.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Monday, June 22nd were paid a $0.8135 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This is a positive change from Invesco QQQ’s previous quarterly dividend of $0.73. This represents a $3.25 annualized dividend and a dividend yield of 0.5%.

Institutional Investors Weigh In On Invesco QQQ

Several institutional investors have recently added to or reduced their stakes in QQQ. Corient Private Wealth LLC boosted its holdings in shares of Invesco QQQ by 3,567.7% during the fourth quarter. Corient Private Wealth LLC now owns 21,436,917 shares of the exchange traded fund’s stock worth $13,168,912,000 after purchasing an additional 20,852,432 shares during the period. Bank of America Corp DE increased its holdings in Invesco QQQ by 381.0% during the 4th quarter. Bank of America Corp DE now owns 19,547,552 shares of the exchange traded fund’s stock valued at $12,008,257,000 after purchasing an additional 26,505,055 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Invesco QQQ by 11.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,547,591 shares of the exchange traded fund’s stock valued at $2,179,321,000 after purchasing an additional 375,581 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Invesco QQQ by 21.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,025,000 shares of the exchange traded fund’s stock valued at $1,858,288,000 after purchasing an additional 534,000 shares during the last quarter. Finally, Analyst IMS Investment Management Services Ltd. raised its position in Invesco QQQ by 68.6% during the 4th quarter. Analyst IMS Investment Management Services Ltd. now owns 1,750,079 shares of the exchange traded fund’s stock valued at $1,075,091,000 after purchasing an additional 712,026 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

About Invesco QQQ

(Get Free Report)

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.

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