Summit Financial Wealth Advisors LLC Trims Position in Invesco QQQ (NASDAQ:QQQ)

Summit Financial Wealth Advisors LLC lowered its position in Invesco QQQ (NASDAQ:QQQ) by 33.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 645 shares of the exchange traded fund’s stock after selling 326 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Invesco QQQ were worth $286,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. purchased a new stake in Invesco QQQ in the first quarter valued at approximately $29,000. Legacy Bridge LLC raised its holdings in shares of Invesco QQQ by 800.0% in the 1st quarter. Legacy Bridge LLC now owns 72 shares of the exchange traded fund’s stock valued at $32,000 after buying an additional 64 shares during the period. Voisard Asset Management Group Inc. acquired a new position in Invesco QQQ during the 4th quarter worth about $35,000. Red Tortoise LLC lifted its stake in Invesco QQQ by 370.0% during the 4th quarter. Red Tortoise LLC now owns 94 shares of the exchange traded fund’s stock worth $39,000 after acquiring an additional 74 shares in the last quarter. Finally, Robinson Capital Management LLC purchased a new position in Invesco QQQ during the 4th quarter valued at about $40,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Up 0.2 %

NASDAQ:QQQ traded up $1.18 on Monday, reaching $497.34. 21,928,581 shares of the company’s stock were exchanged, compared to its average volume of 40,404,836. Invesco QQQ has a 52-week low of $342.35 and a 52-week high of $497.89. The business has a fifty day moving average of $461.28 and a 200-day moving average of $439.72.

Invesco QQQ Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, June 24th will be paid a $0.7615 dividend. This is an increase from Invesco QQQ’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, June 24th. This represents a $3.05 annualized dividend and a dividend yield of 0.61%.

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.